TORTOLA PIER PARK TO PAY $500,000 PLUS IN DIVIDENDS TO IT’S SHAREHOLDERS
Written by Fuze Team on June 8, 2020
Tortola Pier Park Limited, “TPPL” will pay out more than $500,000 in dividends to shareholders today, June 8th.
The TPPL Board supported by the BVI Ports Authority Board which is the Parent Company of TPPL said it recognizes the importance of dividends being remitted to shareholders, and accordingly have approved the payment of 2018 dividends in the amount of US$529,974.
TPPL said in a news release that the largest Investor which is BVI Social Security Board will receive US$442,500. The Pier Park has also offered rent discounts for its 94 tenants, April’s rent was 100 percent free and for May and June a 75 percent discount.
Chief Executive Officer of TPPL Vance Lewis said,
“As they navigate this fast-changing Covid-19 environment, they are pleased that they could be in a position to assist the Government in their endeavor to ensure that the most vulnerable in their Society receive the necessary attention by paying the 2018 dividends, recognizing that the BVI Social Security Board is the majority Preference Shareholder.”
Meanwhile Premier and Minister of Finance Andrew Fahie said they are looking at other ways to help the people and so they have reached out to statutory agencies and asked them to advise them on ways they can help bring relief to the people. Commenting on TPPL’s Dividends to be paid today, the Premier said that it comes at a time when the BVI is still navigating turbulent waters as a result of the economic consequences of the COVID-19 pandemic and also when TPPL is also moving towards 90 percent recovery from the physical ravages to the facility due to Hurricanes Irma and Maria in 2017.
The Premier said he is suggesting to their local business operators that they need to start looking for these solutions as well.
