Teachers Union acquires Coral Motel at over VT150M

November 14, 2024 10:15 pm | Posted in Business News | Share now TwitterFacebook

Adorina Massing.

The Vanuatu Teachers Union (VTU), through its business arm, the Vanuatu Teachers Holding Limited (VTHL), has confirmed its purchase of Coral Motel in Port Vila for over VT150 million, though the transfer process is still underway.

Chairman of VTHL, Anderson Homu, said the bank is currently processing the conveyance course for VTHL to fully acquire ownership of the property.

 “Our executives and board members want to ensure businesses engaged with the VTU can benefit its members by keeping them financially sustained, especially after retirement,” he said.

“Hence, our retired members/teachers can earn benefits from our business investments in the long-run.”

Mr.Homu said the VTHL has few properties under its name, which he cannot disclose, but they are all ongoing pipeline projects.

“Our land dealings involve purchasing a land and sub-dividing it between our members in which they purchase for themselves, sometimes we sell it to non-members or people outside the union,” he said.

He confirmed the Coral Motel management team will remain the same, the VTHL’s aim at this point, is only to purchase full ownership of the business.

“We have no validation for a date that will confirm once the transfer process is done but it should be soon,” he told the Daily Post yesterday.