PHILIPSBURG--Newly appointed Chairman of the Supervisory Board of Utilities Company GEBE Roy Marlin says government, as the sole shareholder of GEBE, has a right to claim dividend from its company, or payment from the water reserves, as long as this is structured correctly.
Marlin said he had met with Minister of Finance Richard Gibson regarding a proposal by the shareholder to have payment of dividend and funds transferred from the water reserves to government, amongst other issues.
“The supervisory board is of the opinion that government, as the sole shareholder of GEBE, has a right to claim dividend from its company or payment from the water reserves, as long as this is structured correctly, and the supervisory board is given ample opportunity to do its due diligence to facilitate the needs of the shareholder,” Marlin said in a press release on Monday.
He said the supervisory board will meet with PriceWaterhouseCoopers PwC and GEBE’s management to look at all outstanding issues, such as the approval of GEBE’s annual accounts by the board, approval of the annual accounts by the shareholder, the shareholder granting charge to the board, the shareholder approving GEBE's investment plans for the current and future years, which Marlin said will also enable the payment of dividends, taking into consideration GEBE's commitment to its lenders.
