“On behalf of Government of Samoa, Afioga Olo Fiti Afoa Vaai, the Honourable Minister of Transport Works and Infrastructure and Minister Responsible for Pacific Forum Line Limited (“PFLL”) officially announced today the presentation of $12.0 million tala dividend from PFLL for the financial years 2021 to 2024.
The presentation of the second dividend of $12 million tala takes total dividend paid to $24 million tala in ten years since the Government of Samoa invested in Pacific Forum Line Group Limited.
PFLGL is a joint venture company with Neptune Pacific Line Limited (“Neptune) set up on 01 October 2014.
The payment of total dividend of $24 million tala has fully settled the following financial commitments by the PFLL Board to the Government of Samoa:
a) Repayment of the initial investment by Government in PFLL in September 2012 of SAT $5.38 million tala when Government purchased PFLL from the Pacific Forum Island countries when the company was insolvent at the time with a negative equity of -NZD$74,000 accumulated losses of NZD$12.44 million; and total liabilities of NZD$13.36 million.
b) Repayment of the UTOS loan of SAT$16.30 million tala for the vessel, Forum Samoa II took over by Government of Samoa in 2014, but the vessel was jointly owned by Samoa Shipping Services Limited and PFLL.
c) The value of Government of Samoa’s investment in PFLL today is valued at NZD$10 million dollars compared to a negative equity of -NZD$74,000 back in 2012.
The Caretaker Prime Minister, Honourable Fiame Naomi Mataafa, Honourable Lautimuia Afoa Uelese Vaai, Minister of Finance; and Honourable Leatinuu Faumuina Wayne So’oalo, Minister of Public Enterprises accepted the cheque of $12 million tala from Tupuola Oloialii Koki Tuala, Chairman of the PFLL Board of Directors and Sala Faumuina Theodore Toalepai, PFLL Board of Directors.
Honourable Fiame Naomi Mataafa acknowledged with gratitude the partnership between Government of Samoa through PFLL and Neptune Pacific Line Limited which has successfully achieved this milestone for Government investment in joint venture with private sector partnership with foreign investors.
Afioga Fiame Naomi Mataafa on behalf of Government sincerely acknowledge the support of all PFLL customers and partners including individuals, companies, importers and exporters as well as ALL PFLL customers and stakeholders in the Pacific region and also including Australia, New Zealand, USA, Europe; and Asia for their valuable support for PFLL throughout the years.
Honourable Fiame Naomi Mataafa thanked the Staff, Management and Board of Directors for all the hard work and commitment to the objectives of PFLL set by our forefathers back in 1978 for the provision of reliable, frequent and viable shipping services with affordable freight rates for the Pacific region. Government of Samoa was and will continue to fulfil that commitment to the People of Samoa and the Pacific.
Finally, Afioga Fiame Naomi Mataafa on behalf of Government of Samoa sincerely acknowledges the joint management and partnership by PFLL and Neptune and wishes the company all the success in the future.”
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