TT National Gas Limited Chairman Gerald Ramdeen says reducing capital was the fastest, most cost-effective way to resume dividends for its shareholders.
He clarified that the move was unanimously approved by shareholders at its AGM on March 5th and it was not a Government decision.
Mr Ramdeen noted that nearly six dividend cycles were missed since the last payment in September 2022, when the company’s policy states dividends are expected bi-annually.
When questioned about investigations into Phoenix Park Gas Processors Ltd operations and its US subsideries, he confirmed that there are active probes with three people suspended, one resigned, and inquiries ongoing.
Mr Ramdeen emphasized the investigations aim to uncover mismanagement of shareholder funds, and once complete, all findings will be made public.
