IHC

'''IHC The Independent Holding Corporation (previously Company'''

IHC was synonymous with [[[Fuñia Lan]][1]] for many years. It was established by the National Council (Government of Funia Lan) as the chief organisation responsible for providing key services to the people of Fuñia Lan including media, transport, banking and insurance. The two other companies are FLIC (Funia Lan Investment Corporation) set up to invest in the nation's infrastructure and Funia Lan Resources Company set up to manage the mining interests of the nation.

Its profits were intended to contribute to the National Savings of the country. IHC was originally the Independent Holding Company. It was changed in 1978 to the Independent Holding Corporation. The company was established as company with a Board and a mandate separate from both the National Council and IHC's shareholder the Funia Lan Investment Corporation.

• '''World War Two'''
  • 1943 The company's first started as ITAR (Independent Theatres and Radio),immediately after the country's Independence. It was established as a private company controlled by the National Council. The company was given immediate control of all of the radio stations in Fuñia Lan for the duration of the War.
  • 1943 IHC was given control of the railway companies; Chemins de Fer de Funia Lan, Chemins de Fer de Port Henri, KIngs City Railways and Southern Railways.
  • 1944 The company took over the Fuñia Lan Bank, the country's oldest bank. At its peak, the bank controlled 60 per cent of the country's bank deposits. As a result of the Banking Acts, its is now the fourth largest and only 30 per cent owned by IHC.

• '''Post WWII'''

• • 1946: The company was given control of the bus system in the new national capital: Cite Bus.

• • 1946: The country's disparate phone, courier and mail services were merged into Fuñia Lan Post and control given to IHC.

• • 1947 ITAR becames a subsidary of the new Independent Holding Company fully owned was handed by MAMS. The company was seen as the organisation designed to deliver a range of life services

• • 1947: The company merged its railway companies together under the banner Fuñia Lan Railways/Chemins de Fer de Funia Lan.
  • 1947: The company moved into air travel with Fuñia Lan Air Carriers which became Airkar in 1964. Airkar was famous as one of the few airlines in the world to operate a [Concorde][2] - operating one on its Paris-Fuñia Lan Cite, London-Fuñia Lan Cite and Tokyo-Fuñia Lan Cite routes for three years.

*'''The 1950s'''

• • 1951 Fuñia Lan Buses commenced operations with a service between Port Henri and Didier. This company now operates a network of buses across the country and is now owned by Transport Holdings Ltd
  • 1953 ITAR opened a recording studio producing records as STAR Records
  • 1954 Established Fuñia Lan Real Estate Corporation which became Realcorp in 1967. Realcorp was sold in 1981
  • 1955 The Fuñia Lan Building Society was established -it is now part of International Building Society
  • 1957 Robinsons, the country's second largest department store retailer was taken over by IHC

'''The 1960s'''

• • 1966 Fuñia Lan Insurance became Fuñia Lan SuperSurance (now Insurance Corporation of Fuñia Lan - 35% owned by IHC)
  • 1968 Securopass, a Security company established.
  • 1969 The Fuñia Lan Finance Corporation established

''The 1970s'''

• • 1978, IHC bought lovli Chocolates and Sweets from FLIC which had rescued lovli from bankruptcy.
  • 1978 It also purchased IMA, the nation's second largest supermarket chain
  • 1978 IHC renames itself Independent Holding Corporation
  • 1979 Work commenced on the IHC tower, the tallest building in the country in the geographical centre of the Capital. The 52 storey building consists of a 26 storey tower built on four 26 storey legs, topped by a ten storey communciations antenna.

• • 1979, at its peak,IHC was responsible for telecommunciations, radio, TV and Newspaper media, real estate, rail, air and urban transport, and food manufacturing. It was split into there distinct departments: Retail, Transport and Media. At that time it had 20 subsidiaries grouped under three divisions.

• • 1979, the public and media believed the company had become too powerful and too controlling. There was also concern that the company had strayed into areas which could be provided by private companies. The National Council voted to break off the companies in the Corporation which could be owned privately and maintain the company's investments in national infrastructure.

The first to go was interestingly, the thing the very thing that had started the Company: its radio operations. This was followed by its share of the Funia Lan Stock Exchange.

• The 1980s
  • 1981 onwards, there was a deliberate policy of breaking off the company up into smaller companies, and selling them.
  • 1981 Fifty per cent of Airkar was floated on the Stock Exchange by IHC in 1981
  • 1981 Fifty per cent of Funia Lan Communications Corporation/Corporacion is sold to FLIC
  • 1984 Cite Bus is sold to and merged into Capital#One
  • 1986 The company spun the Transport Department into a separate company: Transport Holdings Ltd (THL)
  • 1989 The Fuñia Lan Finance Corporation merged with Fuñia Lan Bank
  • 1989 Securopass floated on Stock Exchange

*The 1990s

During the 1990s the pace of divestment accelerated.

• • 1991 lovli Chocolates and Sweets floated on the Stock Exchange
  • 1997 Robinsons-IMA was floated on the Stock Exchange

• • 2000 Independent Media was the last major piece to go, with radio, TV and newspaper interests ironically being the reason behind IHC's formation.
  • 2006 20% of Funia Lan Bank sold

Today Owned by FLIC, The Independent Holding Corporation in turn owns:

• • Transport Holdings Ltd
  • 50 per cent of Funia Lan Communications Corporation/Corporacion
  • 25 per cent of Statewide Banking Services
  • 15 per cent of Funia Lan Bank