In receiving the funds on behalf of Government, SLC Minister Lautafi Fio Selafi Purcell complimented the Corporation.
“In the last three consecutive financial years, the Samoa Land Corporation has never failed to deliver the law requirements to pay part of its revenues to assist Government,” acknowledged Lautafi.
The Minister recalled that in 2018 the Corporation delivered a $3 million dividend to Government. However a new amendment policy by the Ministry of Public Enterprises reduced the minimum dividend payment to government by all State Owned Enterprizes (like SLC) from to the 50% to 35%.
But with the condition, that the dividend should be delivered six months profit. And the Corporation complied with a $1.6 million dividend payment in 2019.
“And despite the COVID-19 pandemic and the financial pressures faced by the country, you have reaffirmed your support to Government by delivering the $1 million dividend,” praised the Minister.
“It’s a difficult task to earn a million tala but the dividend pay-out is a testament of the Corporations commitment to support the Government dedication to develop our country,” acknowledges SLC Board Chairman Lavea Lemalu Tupuola Sione Malifa.
He says the SLC also took into account the burden carried by Government to meet the country’s demands due to the COVID19 and the dividend paid reaffirms the SLC continued support.
SLC was set up to divest, develop or invest close to 24,000 acres of land retained from WSTEC, at an estimated value of $23 million.
The Corporation is in place to invest in ways to generate revenue for Government, through the proper management of Government land assets.
And among its priorities is to utilize the government’s land assets for the benefit and development of the people of Samoa, and with proper investments designed to inject revenues in to the Government’s budget for its development agenda.
Photo supplied Samoa Government Media Caption; SLC Board Members present their $1 million dividend payment to Public Enterprise Minister Lautafi Fio Selafi Purcell.