Board of Directors
|Mr. Tapuvakai Panuve|
|Mr. Pita Moala|
|Mr. Siosaia Fonua|
|Mr. Maletino Hola|
Tonga Communications Corporation is part of the ICT group and its board of directors are shared with Tonga Broadcasting Commission and Tonga Post Limited. Directors were originally appointed for a one-year term.
Tonga Communication Corporation (TCC) was established under the Tonga Communications Corporation Act 2000 (TCC Act). The activities of the Corporation are set out in Section 15 of the TCC Act.
TCC must operate in accordance with any conditions set out in its operating license and must comply with directions, determinations and declarations given by the responsible Minister or department under the Communications Act.
TCC provides fixed line, mobile and internet services in Tonga. While fixed line growth is reasonably static, growing by just 2% in 2015, mobile phone subscriptions increased by 16% over the same period. Revenue from mobile broadband and fixed/home broadband grew 262% in the 2015 financial year compared with the previous year.
TCC is listed under the second schedule to the Public Enterprises Act and as such it is exempted by Section 5 of that Act from certain of the provisions in the Public Enterprise Act. Generally, the provisions that TCC is excluded are covered in Part VI and VII of the TCC Act. TCC is excluded from the specified provisions in the Public Enterprise Act to facilitate the partial sale of the government’s shareholding in TCC and it also acknowledges that TCC is engaged in a competitive market. TCC is listed as a priority privatization candidate in the Ministry of Public Enterprises’ SOE Ownership, Divestment and Performance Improvement policy paper.
As noted in the Asian Development Bank’s SOE benchmarking report, Finding Balance 2016: Benchmarking the Performance of SOEs in Island Countries, TCC’s value has halved between 2014 and 2012 based on an earnings multiple valuation methodology. The 2012 value was estimated at $40 million: using the same methodology the 2014 value was $26 million. The decline is attributed to substantially increased debt, raised to fund network upgrades.
Vision and Mission
To be Tonga’s no. 1 service provider for information technology & communications technology (ICT) solutions.
- To be customer centric and exceed their expectations
- Empower people to enjoy life to the fullest through the use of the latest technology and innovations
- To be a good, honest, responsible corporate citizen
- Empowerment of employees by providing them with the necessary skills in an enabling environment conducive to achieving their full potential
|Financial Highlights (T$’000)||2014||2015||2016||5-yr Average|
|Net Profit After Tax||1,957||2,187||1,369||995|
|Cash / Current liabilities||0.107||0.044||…||0.271|