UTOS PR 2 March 2020; The Annual General Meeting for Unit-holders investing in the Unit Trust of Samoa was held at the Development Bank of Samoa Conference room on Monday, 2nd of March 2020.
The Annual General meeting was originally scheduled for December 2019 to discuss the 2018/2019 performance of the Trust but due to the measles outbreak, it was postponed to March 2020.
This was the first AGM for the new Chief Executive Officer for UTOS, Tevaga Viane Tagiilima who welcomed the Honourable Finance Minister, members of the Board of Directors of the UTOS Management Company and fellow unit-holders present at the Meeting.
The Trustee, Taito John Roache from Tafailagi Trustee Company Ltd then proceeded with the opening remarks.
He highlighted the working relationship between the Trustee and the Unit Trust of Samoa Management Company that ensured all Unitholder funds were invested for highest return while at the same time maintaining security compliance. Furthermore activities carried out in the last financial year adhered to standards set out by the Central Bank and more importantly upheld policies that protected UTOS from any inside trading.
The Honourable Finance Minister, Afioga Sili Epa Tuioti delivered the keynote address and officially opened the Meeting. He spoke on the primary objective of the Government for establishing UTOS; giving the opportunity for Samoans and local businesses to hold shares in privatised State Owned Enterprise.
The main aim of the Samoan Government is that Samoans including those living abroad make use of this investment opportunity for future benefit.
The Unit Trust of Samoa has contributed to the Samoan economy since its establishment nearly ten (10) years ago, through dividends paid by UTOS to its unitholders and by the UTOS management company, as a state-owned enterprise, to the government.
As of January 31st 2020, the total number of unitholders has exceeded 3,000. Although a significant increase in numbers compared to the previous financial year; it still only reflects that 1.6% of the total population of Samoa invest in UTOS.
Therefore the unitholders present at the meeting were asked to encourage their families, friends and organisations to invest in UTOS, whilst the unit price is still cheap.
The initial unit price in the beginning was .97 sene and it has grown to $1.69 to date; therefore the original price has nearly doubled.
The Government continues to encourage state owned enterprises to borrow from UTOS to improve facilities and infrastructure.
UTOS is therefore contributing to the development of Samoa’s economy, with a resulting return to the investment of unit-holders..
The Finance Minister also touched on Government’s plans to provide opportunities to ensure that UTOS continues to grow for the benefit of all Samoans. Such opportunities include equity investments in the Samoa Submarine Cable Company Ltd and Bluesky Samoa.
Hon. Sili Epa Tuioti stated that although there has been a slight delay in the construction of the new Samoa High Commission chancery in Wellington New Zealand, UTOS is still at the forefront to finance this project estimated to cost $25 million tala.
Hon. Sili Epa then used the opportunity to sincerely thank all unitholders for their continuous support by investing in UTOS which has benefited many Samoans.
He also thanked the current Trustee, Chairman and board of directors for the management company as well as management and staff for their good work over the last financial year. The Finance Minister then proceeded to officially open the ninth AGM for Unitholders.
The Chairman of the Board of Directors of the UTOS management company, Afoa Asiata Kolone Vaai, was then appointed by the Trustee to chair the meeting. Afoa highlighted UTOS’ foray into advance technology whereby for the first time Unitholders residing overseas and in Savaii can now view and participate in the AGM though interactive livestreaming.
Unit holders no longer have to travel to Upolu for the AGM but can access the meeting by direct live-stream from the conference room and at the same time raise any concerns they may have regarding the Trust performance.
