Retirement Fund Board buy shares in the Tonga Development Bank Featured
Manu 'Akau'ola Retirement Fund Board and the Minister of Finance and National Planning Pohiva Tui'onetoa
11 June, 2019. The Government of Tonga ,the major shareholder of the Tonga Development Bank ,through the Ministry of Finance announced that on Friday 31 May 2019 the Retirement Fund Board has signed the Deed of Agreement in relation to the sale and purchase of shares in the Tonga Development Bank (TDB).
The new shareholder ,Retirement Fund Board has now taken up 15% of the authorised shares in TDB.
The Tonga Development Bank (Amendment Act) 2019 recently passed in the Legislative Assembly will formalise by necessary legislative changes of the following:
(a)Cabinet decision that TDB is no longer under the Public Enterprises Acts and
(b) Change in the Ministerial responsibility for the TDB to be with the Ministry of Finance (MOF).
The Tonga Government as the major current shareholder in TDB has also adopted amendments to the Articles of Association in order to enable the restructuring of the capital base of the bank, changes in administration and expansion of services.
This restructuring will enable the Bank to expand its customer base and improve its services to its customers, people of Tonga and benefits to the shareholders
- Tonga Development Bank
