Tonga Asset Managers and Associates Ltd. (TAMA) presented its first dividend of $50,000 to Hon. Poasi Tei, Minister of Public Enterprises, for its shareholder, the Government of Tonga on 9 December.
“We thank Government and the Ministry for their support and especially to our clients and tenants who have helped us register a successful year. It is gratifying to be able to present this, since TAMA’s inception in 2011 as a public enterprise this is the first time a profit has been made and we wanted to present a dividend to Government,” the Chairman of the Board, Va’inga Palu, said in a statement today.
TAMA was established as a public enterprise in 2011 inheriting the management and operations of the Small Industries Centre in Ma’ufanga and Vava’u and more recently included other properties such as Sea Stars Company at Tuimatamoana, the former ‘Apimataka at Haveluloto and Tofoa, and Polynesian Shipping Company property at Sopu.
“TAMA hopes to consolidate and better manage the assets and the business plan aims to explore new commercial and business opportunities while at the same time exercising prudent and cost cutting measures so as to grow the value and strengthen TAMA’s position,” Va’inga stated.
After receiving the dividend the Minister of Public Enterprises Hon. Poasi Tei congratulated TAMA and thanked the board and staff for their hard work.
“Government is thankful for this and it is a pleasant surprise to be able to turn a profit within four years only and receive a dividend. Given it is a relatively new public enterprise, this is indeed a positive development and we look forward to more successes in the future,” said Hon. Tei.
Also attending the presentation were Salesi Fotu (director) , Tevita Hu'akau (CEO of TAMA), Semisi Tapueluelu (director), and Sione 'Akau'ola (CEO Ministry of Public Enterprises).