RAINMAKER HOTEL SHAREHOLDERS TO VOTE ON SALE

admin's picture

By Fili Sagapolutele

PAGO PAGO, American Samoa (March 1, 2001 - PIDP/CPIS)--- Rainmaker Hotel shareholders now are scheduled to decide March 16 on several matters, including the sale of the aging hotel.

The official notice to place the hotel on sale was originally schedule to be released at the beginning of the month. But the Governor's Office said the notice is now postponed until the March 16th Board meeting.

The meeting will include election of a properly constituted Board of Directors for the hotel, a review of the annual financial report, and a vote on a motion to authorize announcing that the hotel definitely is for sale.

The report is expected to outline the accomplishments and the downfalls of the hotel during the past 12 months.

The hotel is 80% owned by the American Samoa Government. Twenty percent is owned by several minority shareholders.

Some shareholders now oppose the sale, but because Governor Tauese Sunia votes the government's shares in a bloc, he can control the outcome of any shareholders’ vote.

Rate this article: 
No votes yet

Add new comment