VPIEF makes Santo land acquisition

The Vanuatu People’s Investment and Equity Fund (VPIEF) has made its second land acquisition by securing the title to the land in Luganville, Santo, owned by the Member of Parliament for Shepherds Group, Toara Daniel for an undisclosed amount, but believed to be over Vt30 million.

In January VPIEF successfully made its first land acquisition by securing the tile to land and property in Port Vila owned by Ifira islander, Kaltau Ayong, for also an undisclosed amount, but also believed to be over Vt30 million.

Last Friday completion of the transfer of the title was made with the signing of documents and handing over of the title in Luganville by MP Daniel to former Head of State Ati George Sokomanu, a member of the VPIEF Board, and witnessed by a representative of the law firm Daniel Yawa and Associates.

MP Toara Daniel who has been living on Santo for over 22 years said he agreed to the sale of the title because he believed in the vision of the Vanuatu People’s Investment and Equity Fund for ni-Vanuatu to become entrepreneurs.

“It is now over 35 years, and ni-Vanuatu must go into business. We own land, but we still do not own businesses,” MP Daniel said.

Sokomanu expressed the appreciation of the shareholders and the VPIEF Board to the MP for Shepherds for his acceptance to part with his investment to support the dreams of the shareholders of the Fund.

The VPIEF is reported to be implementing the decisions of the Annual General Meeting of the Fund held on November 22, 2014 with these acquisitions. Next it will acquire the titles to two parcels of land at Lenakel on Tanna, when the value of equity for shareholders in these assets will reach Vt100 million.

As of last month, the total number of shareholders of VPIEF throughout the country has reached 30,000 with the highest number by island reported to be from Tanna.

Port Vila’s shareholder numbers is reported to have reached 4,000.

During March, meetings will be held at VPIEF centres around the country to discuss the centres’ Constitution and financial policies, with North Efate Centre’s meeting scheduled for tomorrow, Wednesday.