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FDB Receives Dividend From Software Factory
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01 April 2010


FDB RECEIVES DIVIDEND FROM SOFTWARE FACTORY

     

(L-R) Semi Tukana and Deve Toganivalu.

The Fiji Development Bank this week, received a dividend of close to $18,700 from Suva-based Software Factory Limited.

SFL is a business software development company that was started 10 years ago by FDB to create and set up the Bank’s Loan Management System.

In handing over the cheque and the company’s audited financials for 2005-2008 as well as the unaudited financials for 2009, SFL’s managing director and majority shareholder, Mr. Semi Tukana said that he was pleased to be making the payment as this was the first dividend paid out by the company since 2004.

“We started out here at FDB in 2001 and I remember in 2005 when the contract with FDB expired, it came as a blessing in disguise because we had to toughen up and try and sell a service to a tough market,” Mr. Tukana said of the last five years.

“We took a beating out there and made a loss for 2005 and 2006 – we were practically insolvent, our net worth in those years was valued at $47,000, and a few of our shareholders bailed out because of the difficulties, but I had faith that the company had a future in this industry.

“In 2007 and 2008, we managed to pick up a few big contracts which helped considerably with 2008 being a good year for us. Last year (2009) we posted a pre-audit profit of $370,000 and decided to declare a dividend.

“We are on a roll now and we have one of the best teams outside of Australia and New Zealand.”

The dividend paid to the Bank is a calculated at 53% return on its shareholding.

In accepting the payment, FDB Chief Executive Officer, Deve Toganivalu said that he was proud to see that a company the Bank invested in was doing well despite the challenges that it had to overcome.

“We have made many such investments over the years and the success of these investment have not all come through as you have especially when the Bank itself was your main client in 2005,” Mr. Toganivalu said.

“As part of our development banking role, we help in setting up business and see them grow from small to medium enterprise as you (SFL) have done and that, is a good feeling.

“The Bank does not intend to remain as shareholder for too long and I hope that the company will acquire the Bank’s share within a reasonable time. I wish you more success in ever evolving environment that you are involved in.”

END
 

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