Tuna canning operation to bring Seychelles more benefits |21 August 2010

The amended agreement will result in IOT making increased payments to both shareholders as a result of improved terms.

Also paramount is the commitment by each shareholder to continue to support the global competitiveness of IOT as well as the government’s commitment to preserve and build a strong foundation for the future.

Located in the Seychelles International Trade Zone, IOT is the second largest tuna processing and canning plant in the world. IOT processes primarily tuna of the yellowfin and skipjack varieties, and employs approximately 2,400 people.

The government of Seychelles holds a 40% equity stake in IOT through its wholly owned company Société Seychelloise d’Investissement (SSI), with the remaining 60% controlled AND OWNED by the French MW Brands SAS, with its operational headquarters in Paris, France.

Principal secretary for finance Ahmed Afif said this agreement represents an improvement over the previous agreement.
Vice-President Danny Faure, who was present at the signing ceremony, said this agreement is timely.

“We look forward to continuing our long partnership with MW Brands as we seek to enhance this world-class business, which should as a consequence enhance economic benefits for Seychelles,” he said.

“The government of Seychelles recognises the need for all private companies operating in Seychelles to have economic stability, security and certainty and wishes that Seychelles becomes a top destination for global businesses.”

Seychelles is now implementing a comprehensive economic reform programme aimed at placing the public finances on a sustainable footing, eliminating subsidies and other distortions from the economy, and encouraging private sector-led growth.

To achieve these goals the authorities are taking steps to ensure that all public stakes in commercial enterprises are being managed on an efficient and transparent basis.

Article contributed by IOT