Nunasi pays out dividends to regional Inuit orgs

Harry Flaherty, acting president and CEO of Nunasi Corp, announced July 15 almost $1 million in dividends to be paid out to three Inuit organizations. (IMAGE COURTESY OF NUNASI)

For the first time in at least three years, Nunasi Corp. has announced dividends directed to regional Inuit organizations totalling $967,000, the corporation announced July 15.

At a recent meeting of its board of directors, Nunasi approved $967,335.60 in declared dividends destined to its “class B” shareholders: the Qikiqtani and Kivalliq Inuit Associations, along with Kitikmeot Corporation.

“We are extremely pleased that the results of the restructure for the last couple years have allowed Nunasi to get back in profitable position whereby dividends can be declared,” said Nunasi’s acting president and CEO Harry Flaherty, in a July 15 release.

Nunasi has not distributed dividends since 2011.

The corporation has struggled in recent years, weakened by losses suffered by the Norterra group of companies, which was one of its largest subsidiaries.

As part of a major restructuring, the Inuit-owned corporation sold off 50 per cent of its stake in Norterra in April 2014 to the Inuvialuit Development Corp., which already owned the other half.

Nunasi has sold off other subsidiaries, and dissolved or amalgamated some of its other companies as part of that overhaul.

The corporation currently oversees 15 companies, including Iqaluit’s Uqsuq Corp., NCC Investment Group Inc. and Larga patient homes in four southern cities.

Of Nunasi’s newly-declared dividends, the largest chunk goes to the Qikiqtani Inuit Association, in the amount of $518,728.

“We are extremely pleased with the dividends,” said QIA president PJ Akeeagok. “The funds will go directly to Inuit in all the 13 communities through our Community Initiatives Program (CIP).”

The CIP was established in 2007, with dividends from both Nunasi and the Qikitqtaaluk Corp., to fund community-driven projects.

Beneficiaries in the Qikiqtani region can apply each year to the QIA for CIP funding, at www.qia.ca.