04.15.11

Government of Seychelles to sell shares in Savings Bank

Posted in Offshore Banking, Seychelles government at 7:02 pm by Robert Klien

As of April 20, 2011, people having accounts with the Seychelles Savings Bank (SSB) will be able to buy the government’s shares in this bank. This was announced by finance minister Danny Faure on April 14.

According to Mr Faure, during the 1st phase of the process, all applications will be processed from April 20. This will be over a period of 2 weeks and will close on May 5.

The sale of shares in the SSB was announced by President James Michel’s in his state-of-the-nation address in February 2011.

The government’s 40% share in the SSB amounts to 240 000 shares (equivalent to R24 million). Depending on the subscription received during the 1st phase, in the 2nd phase of the sale, the Ministry may offer for sale to the general public the remaining portion of the 240 000 shares.

The execution of the sale will be coordinated by the Ministry of Finance, the Central Bank of Seychelles and the Seychelles Savings Bank.

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