$1.6m in dividend payout for State
Thursday October 05, 2006

Minister for Public Enterprises and Public Sector Reforms Savenaca Draunidalo.

State owned company, Fiji Ports Corporation Limited (FPCL) has paid government $1.6 million in dividends for the 2005 financial year.

The company says the dividend payment was made possible following its achievements through reforms implemented.

The 2005 dividend cheque actually represents 50 per cent of the after tax profit which was agreed to between the Government and the company board.

Last year, the company had paid out $491,240 in dividends.

Accepting the cheque, Minister for Public Enterprises and Public Sector Reforms Savenaca Draunidalo says that government as shareholder is encouraged to see state-owned companies like FPCL continue to improve on its operational performance and generating an increased return on its shareholders funds.



"The Government has made a substantial investment in FPCL and it is important that tax payers get a fair return on their investment as shareholders," he added.

The ports company has undergone a reorganisation process starting with the Ports Authority of Fiji



A further reorganisation process facilitated the establishment of the Maritime Ports Authority of Fiji (MPAF) and Ports Terminal Limited (PTL).



This was further reformed with the separation of the regulatory role transferred to Fiji Islands Maritime Safety Authority (FIMSA) and the commercial functions are now handled by the Fiji Ports Corporation Limited (FPCL) with PTL as the stevedoring arm of the Company.

The new reform process came into effect July last year.