Tonga Power Limited Presented $2 million Dividend to Government Featured
Chairman of TPL Board of Directors Carl Sanft presents a $2 million pa’anga dividend to the Minister of Public Enterprises, Hon. Poasi Tei
Nuku'alofa, 10 December 2015. The Chairman of Tonga Power Limited Board of Directors, Mr Carl Sanft together with TPL Board members, Mr. ‘Aisake Tu’iono, Dr. Nailasikau Halatuituia, Mr. Sione Taione, Mrs. Fuiva Kavaliku, and the CEO of Tonga Power Ltd Mr. Robert Matthews, presented to the Minister of Public Enterprises, Hon. Poasi Tei, a cheque of $2 million pa’anga.
This is Tonga Power’s dividend declared for 2014-2015 during its Annual General Meeting on Tuesday, 8th December 2015 at Tonga Power’s conference room.
This is the highest dividend ever paid from Tonga Power Ltd to the Government of Tonga since its operation, and an increase from June 2014 by 27 percent from $1.5 million pa’anga to $2 million pa’anga.
Over recent years, the company has also reduced its electricity tariff substantially.
Since July 2014 to June 2015, the electricity tariff for all of Tonga has decreased by about 13% (or 11.5 seniti), from 91.7 seniti per kWh to 80.1 seniti per kWh.
Today, the current electricity tariff is 78.68 seniti per kWh which came into effect on 1st December 2015.
Honorable Poasi Tei expressed his appreciation on behalf of the Government to Tonga Power Limited for the dividend declared today for year ending 30 June 2015. This is consistent with the Group’s long term value objective under its dividend policy to distribute solid profits to its shareholder, the Government of Tonga.”
The Minister also thanked the Board of Directors, CEO and the management of Tonga Power Ltd for the dividend payment that was presented today. This is a record dividend, the Minister commented.
The Dividend was delivered in spite of the difficult time the company faced during the year by passing on a lower tariff rates to its customers whilst meeting the Government of Tonga’s core purpose to reduce the tariff and Tonga’s vulnerability to oil price shocks, and achieve an increase in quality access to renewable energy services.
Honorable Poasi Tei also thanked Tonga Power Ltd for the successful acquisition and sound management of the Tonga Gas Ltd and HomeGas Ltd businesses. Tonga Gas Limited and HomeGas Ltd are subsidiaries of Tonga Power Limited who paid a combined total of $200, 000 as a Dividend in its first year of operation, to Tonga Power Ltd during its Annual General Meeting on Tuesday, 1st December 2015.
Following the dividend presentation, Mr. Carl Sanft conveyed to the CEO, Mr. Robert Matthews, TPL management and Board of Directors his sincere appreciation for all their hard work over the year and thanked the Shareholding Minister, Hon Poasi Tei and his CEO for the Ministry’s continued support.
ENDS
Issued by Tonga Power Limited
