Afternoon, Bula Vinaka and Namaste
First and foremost, I thank the Almighty for his mercy and guidance and I also pay my respects to the traditional landowners (past, present & future) of the land we are gather here today.
It is my pleasure and privilege to welcome
- Chief Guest – Commissioner Western – Mr Apolosi Lewaqai
- Guest of Honour – Na Turaga na i Taukei Vidilo – Ratu Wiliame Bouwalu (Rep name: Mr Joeli Sauqaqa)
- Various stakeholders, distinguished guests, valued sugar cane growers & members of the media
- SCGF management & staff, ladies and gentlemen
“All Protocols observed”
I am pleased to inform you here today on a landmark and historical strategic investment by SCGF on this historical site we currently on.
Why this site?
First CSR building and sugar mill built in the western division in 1903. Later it was used as a garage shed and then for various mill purposes.
A site of heritage significance!!!
We also see a lot of potential in this location and have preliminary plans to custom design and build a commercial property in which the returns can be further passed down to our valued sugar cane growers. We are looking at all the formalities of design and plans etc. and will call Expression of Interest for the anchor tenants nationally and internationally. This would be suitable for Government agencies like Ports Authority of Fiji, Biosecurity Authority of Fiji and Fiji Revenue and Customs Services and international corporations / agencies. We will also consider naming rights for the complex!
Last Saturday, we conducted our successful Grower’s Open Day in Labasa and we also launched a first ever Mortgage Protection Insurance (MPI) product for sugar cane growers – whereby for the next two and half years the premium will be paid by SCGF with an annual tune of approximately $0.500m.
Brief of the MPI – This would enable farmers below 70 years to have loans covered and in case of untimely death or permanent disability, the loan will be fully paid provided the accounts are not in extreme defaults. I must thank Capital Insurance Fiji Ltd and CEO Mr Chan for the competitive package. It has been a difficult negotiation and must acknowledge your willingness to assist our farmers. After all the procedural logistics, we expect the covers to be rolled out by August this year with adequate awareness and education programs for the growers, which will be ongoing.
In January this year we also embarked on a similar investment by acquiring our first ever Commercial Property in the heart of Lautoka City and the returns from such investment are passed directly to the growers – reduced interest rates from 6% to 4.5% (annual impact of $0.500m).
In addition, we have many other initiatives lined up for our farmers – our plans for the Special Overdraft Facility, Savings or Retirement Funds, Online Documentation Management System, and Sugar Cane Farmers Awards and other insurance products.
This year, Management has also started work on the review of the SCGF Act 1984 that would allow more flexibility and improve the governance.
Finally, I take this opportunity thank Commissioner Western, all the stakeholders especially our valued growers, our SCGF CEO, Management & Team.
Vinaka
Thank you
Ahemad Bhamji
Chairman Sugar Cane Growers Fund