A press release received from the CB Romney Tortola Pier Park today confirmed that some 94 local shareholders as Tortola Pier Park Ltd, have been approved to issue Dividends for 2018.
The CB Romney Tortola Pier Park Board supported by the BVI Ports Authority Board which is the Parent Company of the Tortola Pier Park, recognized the importance of dividends being remitted to shareholders, and accordingly have approved the payment of 2018 dividends in the amount of $529,974. The payment date is slated for Monday June 8th, 2020.
The largest Investor which is BVI Social Security Board will receive $442,500. These payouts come at a time when the BVI 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 & Maria.
In a generous 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
Additionally, The CEO, Mr. Vance Lewis said in a statement 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 endeavor 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.” He further stated that “he is appreciative to the Tortola Pier Park Board in consenting to the rent obligation concessions to CB Romney Tortola Pier Park Tenants considering the shifting landscapes for conducting business”.
The Tortola Pier Park has undertaken a number of cost-saving initiatives, managed in collaboration with Tortola Pier Park Tenants, Local Agencies, and the Tortola Pier Park Team. A statutory solvency test was conducted to allow for a sensible buffer for working capital.
For updates and information on the Tortola Pier Park Ltd. follow them on Facebook and Instagram at Tortolapier; or Twitter – @TortolaPierPark. The website tortolapier.com is currently under construction and a relaunch is anticipated in the following weeks.
The Tortola Pier Park is a major development in the British 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 center consist of over 60 stores, including retail, service providers, commercial spaces and office space.