The Seychelles government will be selling the remaining 99,276 shares, 16.55% of the paid-up capital of the Seychelles Commercial Bank to reach the set target of 40% to account holders and staff of the bank.
The total number of shares on offer is 99,276 and the value per share is fixed at R100.
Finance, Trade and the Blue Economy Minister Jean-Paul Adam made the announcement of the second round of the sale of shares in the Seychelles Commercial Bank (SCB) yesterday during a press conference at his office at Liberty House.
“The sale of shares has as objective the broadening ownership of equity among the public to ensure SCB is able to develop as a commercially and private sector driven financial institution and to earn a return for government on the shares being sold,” said Minister Adam.
In the first round of sale there was a cap on the number of shares being sold to the amount of 250 shares but there will be no capping on the number of shares for the second round. If the demand exceeds the number of shares available, they will be allocated on pro rata basis.
Application forms will be available as from March 28, 2016 but should be submitted to the bank from April 25 to May 28, 2016.
“It’s a great opportunity for Seychellois to invest in a very strategic enterprise. Seychelles Commercial Bank has very strong recent performances, having allocated R30 million as dividends during the last three years. And we anticipate the strong performance will continue. We are very proud of this opportunity for Seychellois to become investors and to invest their savings for their future,” said the minister.
The Ministry of Finance, Trade and the Blue Economy, the Central Bank of Seychelles and the Seychelles Commercial Bank will closely coordinate the execution of the sale.
The government of Seychelles decided to sell 40% of its shareholdings, 240,000 shares out of a total number of 600,000 in the Seychelles Commercial Bank (SCB) to account holders including staff of the bank in 2011.
Once the remaining 99,276 shares on offer are sold to the account holders and staff, the government will hold 60%and account holders and staff of the bank 40%.
The first round of the sale of shares took place in June 2011 during which a total number of 140,724 shares amounting to R14,072,400 were purchased by 2,921 account holders and staff of the bank. This worked out to 23.45% of the paid-up capital of the bank as against the intended sale of 40% shareholdings of the bank.