dividend

The authority held its Annual General Meeting in Nuku’alofa yesterday and declared the dividend to the government, which is the sole shareholder.

The Government of Tonga, being the sole shareholder of power, water and waste utilities and the subsidiary companies Tonga Gas/Home Gas, is the sole beneficiary of this dividend.

This dividend declaration was presented during the Common Utility Board’s Annual General Meeting on the 4 of December 2018.

A statement said it comes off a successful financial performance by Tonga Power Ltd, Tonga Water Board, Waste Authority Ltd and Tonga Gas Ltd/Home Gas Ltd for the year ended 30 June 2018 where the utility companies posted a combine Dividend of $6,976,799 pa’anga.

The cheque was presented by board chairman, Carl Sanft to the Minister for Public Enterprises, Poasi Tei during Tonga Power’s Annual General Meeting this week.

This is the highest dividend ever paid from Tonga Power Ltd to the Government 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.

Tonga Gas/HomeGas board chairman Malakai Lomu Sika