The Tongan government-owned Lulutai Airlines Limited sold a bundle of shares to the Retirement Fund Board last year, a recent filing with the Tonga Business Registry reveals.
Tonga Wires reports that to raise capital the Lulutai Airlines Ltd. issued 784,314 additional ordinary shares (27.19 percent) to the Retirement Fund Board on 14 August 2023 and brought in two new directors to the company.
The company shares prior to this issue were all held by the Government of Tonga, with 2,100,000 shares.
The Prime Minister, and Chairman of the Lulutai Airlines Ltd board, Hu'akavameiliku Siaosi Sovaleni, told a media briefing on 12 January, that the government-owned domestic airline had sold an unspecified percentage of its shares, while also taking a loan, as part of their efforts to raise funds to purchase a new aircraft, the Twin Otter.
The notice of approval and issuance of shares was registered on 29 February 2024, and the notice of change of directors was registered on 27 February.
The total number of shares issued, after the share change, increased to 2,884,314.
The two new Directors on the Board are Manu Akauola and Sione Valenitino Polota, with their appointments effective as of 1 September 2023.
The Government ministers who act as Directors are: the Chairman of the Board Siaosi 'Ofa-ki-Vahafolau Sovaleni; Sevenitini Toumo'ua (both since 07 January 2022); Tiofilusi Tiueti (since 17 October 2022); and Samiu Kuita Vaipulu (since 20 January 2023).
Lulutai Airlines Ltd. was first registered as a company on 28 May 2020 with the Government of Tonga as its sole shareholder. The company's constitution states that the nominal share capital of the company is 50 million shares divided into 5 million ordinary shares of T$10 (US$4.21) each. (Tonga Wires/Pacnews)