Tortola Pier Park Ltd. (TPPL) has been approved to issue Dividends for 2018. Photo: VINO/File

The TPPL Board supported by the BVI Ports Authority Board which is the Parent Company of TPPL, recognise the importance of dividends being remitted to shareholders, and accordingly have approved the payment of 2018 dividends in the amount of US$529,974.

The payment date is slated for Monday, June 8, 2020 (“the Dividend”).

The largest Investor, which is Social Security Board (SSB), will receive US$442,500.

These payouts come at a time when the Virgin Islands is still navigating turbulent times as a result of the economic consequences of the COVID-19 pandemic while also moving towards 90% recovery as a result of the 2017 physical ravages to the Facility due to Hurricanes Irma and Maria.

In a magnanimous gesture, The Board of Tortola Pier Park Ltd have also offered the following concessions on rent obligations for eligible Tenants:

                April       -              Rent Free (100% discount)

                May       -              75% OFF

                June      -              75% OFF

The CEO, Mr Vance M. Lewis said: “as we navigate this fast-changing Covid-19 environment, we are pleased that we could be in a position to assist the Government of the Virgin Islands in their endeavour to ensure that the most vulnerable in our Society receive the necessary attention by paying the 2018 dividends, recognising that the BVI Social Security Board is the majority Preference Shareholder.”

He further stated that “he is appreciative to the TPPL Board in consenting to the rent obligation concessions to CBRTPP Tenants considering the shifting landscapes for conducting business”.

TPPL have undertaken a number of cost-saving initiatives, managed in collaboration with TPPL Tenants, Local Agencies, and the TPPL Team. A statutory solvency test was conducted to allow for a sensible buffer for working capital.

For updates and information on Tortola Pier Park Ltd. follow them on Facebook – www.facebook.com/tortolapier; Instagram – www.instagram.com/tortolapier; or Twitter - @TortolaPierPark. The website www.tortolapier.com is currently under construction and a relaunch is anticipated in the following weeks.

About Tortola Pier Park

The Tortola Pier Park is a major development in the Virgin Islands, which consists of an enhanced cruise pier and a five-acre landside shopping facility. The newly enhanced cruise facility includes a 60ft wide, 1,312ft long pier that can berth ships up to a maximum tonnage of 180,000 GRT. The landside shopping centre consists of over 60 stores, including retail, service providers, commercial spaces and office space.