TPP paying over $500K in dividends, offering major rent cuts to tenants
At a time when the COVID-19 crisis has brought massive shocks to the local economy, the board of the Tortola Pier Park is moving to payout more than half-a-million dollars in dividends to its shareholders and offering major concessions on rent to its tenants.
The dividends, which will be paid out by June 8, is for profits made in the 2018 financial year.
A total of $529,974 is being paid out. The Pier Park’s largest investor, the Social Security Board, is slated to collect $442,500 of that sum.
‘Eligible tenants’ also received a 100 percent discount on rent for the month of April and a further 75 percent discount for May and June.
CEO of the Pier Park Vance Lewis expressed appreciation to the TPP board for consenting to the rent obligation concessions “considering the shifting landscapes for conducting business”.
“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, recognizing that the BVI Social Security Board is the majority preference shareholder,” Lewis said.
Businesses located at the Pier Park largely depend on the patronage of visitors into the territory. However, these businesses have been majorly impacted since the COVID-19 pandemic caused a global shutdown of the tourism industry.
Tourism is considered the second-largest revenue-earner for the British Virgin Islands. The first is the financial services sector.