S.L.C. pays $1 million dividend to Government

The Samoa Land Corporation (S.L.C) presented a $1 million cheque as dividend payment to the Government on Monday.

The S.L.C. Minister, Lautafi Fio Selafi Purcell, upon receiving the cheque on behalf of the Government said it’s not the first time for the Corporation to pay dividend. 

“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,” he said in a statement released on Monday.

This is mandated by the Public Bodies (Performance and Accountability) Act 2001.

In a similar payment in 2018, the S.L.C. also paid a $3 million dividend to Government, according to the Minister.

However, the Ministry of Public Enterprises amended a new policy in order to reduce the minimum dividend payment to Government by all State-owned enterprises (like S.L.C.) from 50 per cent to 35 per cent. 

But that’s on the condition that the dividend should be delivered as six months profit plus the corporation complying 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,” the Minister added. 

S.L.C Board Chairman Lavea Lemalu Tupuola Sione Malifa also said, “It’s a difficult task to earn a million tala but the dividend payout is a testament of the Corporations commitment to support the Government dedication to develop our country.”

He added that the S.L.C. are considerate of the burden which the Government has carried to meet the country’s demands due to the COVID-19 pandemic and the dividend paid reaffirms the continued support of the corporation.

With an estimated value of $23 million, the S.L.C. was set up to divest, develop or invest close to 24,000 acres of land retained from WSTEC.

“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 which will inject revenue in to the Government’s budget for its development agenda,” states the press release.

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