Atuqtuarvik Corporation is pleased to announce the payment of a dividend to its shareholder, NTI Economic and Social Initiatives Inc. (NESII). The presentation of the dividend payment for $28,621 took place on August 27, 2013 in Arctic Bay at NESII’s board meeting.
Sakiasie Sowdlooapik, Chairperson of Atuqtuarvik Corporation, presented the dividend cheque to Cathy Towtongie, President of Nunavut Tunngavik Inc. and President of NESII. “Our corporation’s profitable year was made possible through the success of our clients in their businesses and the achievements of our staff”, stated Sakiasie Sowdlooapik. “We are pleased to share our success with our shareholder”, he added.
Nunavut Tunngavik Inc. President Cathy Towtongie stated, “We are pleased that Atuqtuarvik Corporation has successfully profited over the last year. The initial creation of the corporation demonstrates the continued successfulness of Inuit business across the territory. The NESII board continues to look forward to the positive economic outcomes and the continued support Atuqtuarvik provides to local Inuit businesses”.
This dividend payment demonstrates the strength of Atuqtuarvik Corporation’s business portfolio. Currently, the corporation has loans and equity investments to Inuit businesses totaling over $54 million. This financing not only assists Inuit businesses directly but also creates jobs in the territory and leverages funds from other sources.
Atuqtuarvik Corporation, an Inuit-owned investment company, was created by Nunavut Tunngavik Incorporated (NTI) and Nunavut Trust and incorporated under the Canada Business Corporations Act. Its mandate is to help ensure direct Inuit participation in economic opportunities by providing debt financing and equity investments to assist Inuit businesses in startups, acquisitions and expansions. In addition, Atuqtuarvik Corporation maintains a strategic investment in First Nations Bank of Canada.
NTI Economic and Social Initiatives Inc. (NESII) is the company created by NTI to advance initial capital to Atuqtuarvik Corporation. NESII is Atuqtuarvik Corporation’s sole voting shareholder. NTI’s Board of Directors serves as the directors on NESII’s board.