Samoa Land Corporation Presents $1 million Dividend Payment

SLC Board represents their $1 million dividend payment to SLC Minister Lautafi Fio Selafi Purcell.

Government Press Secretariat Release. The Samoa Land Corporation (SLC) presented a $1 million cheque in dividends to the Government this week as mandated by the Public Bodies (Performance and Accountability) Act 2001.

In receiving the funds on behalf of Government, SLC Minister Lautafi Fio Selafi Purcell thanked the Corporation and commended its work.

“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 tala 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 50% to 35%.

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,” said the Minister.

SLC Board Chairman Lavea Lemalu Tupuola Sione Malifa said, “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 to develop our country.”

He says the SLC also took into account the burden carried by Government to meet the country’s demands due to the COVID19 pandemic.

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