Assembly to consider dissolution of Sacos |21 November 2005

The State Assurance Corporation of Seychelles (Dissolution) Bill 2005 will seek to repeal the existing State Assurance Corporation Act and vest the whole of its undertaking in a limited liability company.

The new company to be created will be incorporated under the Companies Act 1972 and this will allow the government to privatise the business of Sacos.

Minister Jacquelin Dugasse of Economic Planning and Employment explained earlier this year, when elaborating on government's privatisation policy, that Sacos as a corporation could not be privatised.

He said that new legislation would have to be enacted under the Companies Act whereby a new company would be created to replace Sacos.

It is the shares of this new company that are owned by the government that will be privatised.

As part of the first phase of the privatisation process, the Privatisation Unit of the Department of Finance announced last month that it had appointed BDO De Chazal Du Mée, a company based in Mauritius, as the Transaction Advisor in the privatisation of Sacos.
 
The Bill seeking the dissolution of Sacos will be presented by Minister Dugasse.

The National Assembly will also debate on the Seychelles Qualifications Authority Bill 2005 to be presented by the Minister for Education and Youth, Danny Faure.

The Bill seeks to provide for a mechanism to recognise qualifications at national level.