Government sells remaining shares in Sacos |09 May 2014

The process for the privatisation of the remaining 20 percent of Government of Seychelles (GoS) shares in the Sacos Group Ltd (Sacos) has been launched.

As of April 28, 2014, the shares have been put up for sale through the local Seychelles Securities Exchange, operated by TROP-X.

Under the conditions set by government for this sale, 70 percent of the GoS shares are on offer solely to Seychelles nationals, and the remaining 30 percent are open for sale to both Seychelles and non-Seychelles nationals.

The privatisation of Sacos was initially announced in the 2006 Budget Speech by President James Michel. At that time the government chose to retain a 20 percent stake while 30 percent of the shares were tendered to strategic investors. One of the objectives of the sale was to share the wealth of the nation with the population.

In that same spirit, Finance, Trade and Investment Minister, Pierre Laporte, announced in his Budget Address of 2014 that government would place its remaining Sacos shares on sale to the private sector through the Seychelles Securities Exchange.

At present, shares are also held by Opportunities Investment, current and former staff members and by various public shareholders.

Interested parties in this round of sale should contact Daron Walker at TROP-X/Constant on Tel: 4 346 820 or Email: info@constant.sc.