THE Solomon Power (SP) Board under its Hybrid Dividend Policy and the State Owned Enterprise (SOE) Act declared a dividend of SBD$4 million.
This has been paid to its shareholder, the Solomon Islands Government (SIG) on Tuesday 9th November 2021.
The dividend payment (Cheque) was officially handed to the Minister of Finance and Treasury, Hon. Harry Kuma by the Chairman of Solomon Power, David K.C. Quan O.B.E on behalf of Solomon Power.
Speaking at the event, Chairman of the Board of Directors, Mr Quan said “Despite the challenges of covid and the continued downward pressure on tariff with the new tariff regulation which have been progressively reduced, Solomon Power has worked hard” to provide the service and be commercially sustainable.
He further added that “Solomon power is trying to fight against the surge in fuel prices which is a very big component of the tariff calculation, and that’s the reason why we are working so aggressively hard towards renewable energy namely, Solar hybrids and of course hopefully by the time Tina Hydro comes online, that will assist in the reductions of the tariff”.
Mr Quan acknowledges the Solomon Islands government through the Ministry of Finance and Treasury and the Ministry of Mines and Energy for the continuous support towards Solomon Power.
Minister Harry Kuma on his remarks, thanked Solomon Power for the continued delivery of services to the people of Solomon Islands with one of the biggest SOE portfolios.
“Solomon Power is one of the most important service providers delivering government policies and services to the people of Solomon Islands. He further said in his remarks “I also want to thank Solomon power to participate in development bonds as well as rolling out rural electrification as this is aligned with government priorities”.
Both parties acknowledged collective efforts on managing the business despite the effects of the global pandemic on our shores. Witnessing the pay handing over ceremony were, Permanent Secretary (MOFT) Mr McKinnie Dentana, Solomon Power CEO (Donald Kiriau), Solomon Power Chief Financial Officer (Mr Joshua Tuasulia).
