Sacos Trades for 1st day as Seychelles Exchange opens

Posted in Seychelles government at 1:44 pm by Robert Klien

Sacos Group, a formerly state-owned insurance and property investment business, became the 1st company to start trading its shares on the Seychelles’ stock exchange on August 8, 2013.

According to data compiled by Bloomberg, the jurisdiction’s biggest insurer in the Seychelles, closed trade at 68 Seychelles rupees on the Seychelles Securities Exchange.

Pierre Laporte, the country’s finance minister said: “This is a very exciting moment for Seychelles, the launch of the first day of trading for the Seychelles Securities Exchange”. He also added that “the development of capital markets for Seychelles reflects the great steps that Seychelles has taken in our economic reform agenda.”

The government of Seychelles owns 20% of the company while Opportunities Investment has 37.1%, it said earlier this year.


Inflation in Seychelles lowest in 2 years

Posted in Seychelles' statistics at 1:40 pm by Robert Klien

In July 2013, Seychelles’ inflation slowed to its lowest level in 2 years, according to the data released by the National Bureau of Statistics.

The consumer price index rose 3.3% year-on-year, after a 3.6% increase in June. Inflation slowed for the 4th month in a row. It was the lowest one since August 2011, when it was 2.9%.

Month-on-month, consumer prices dropped 0.1% in July, following a 0.5% rise in the previous month. This was the 1st monthly decline since October 2010.


Offshore Company Registrations decrease in Seychelles

Posted in Offshore Services, Seychelles companies, Seychelles offshore jurisdiction at 12:28 pm by Robert Klien

According to legal services consultancy the Applebly Group, most of jurisdictions experienced a decline in offshore company registration activity in the 2nd half of 2012 compared with the 1st half.

Appleby’s latest “On the Register” report provides insight and data on company incorporations in offshore financial centers.

Farah Ballands, partner and global head of fiduciary and administration services at Appleby, said that continued uncertainty in some markets and the shift in focus from China/Asia to Africa for offshore jurisdictions such as the Seychelles are preventing a speedy return to the numbers of company incorporations recorded prior to the global economic crisis.

Ms. Ballands also added: “Add to this several major international events during the second half of 2012 including the US Presidential Elections, continued economic uncertainty in the Eurozone and the once-in-a-decade change in leadership in China, and it’s hard to be surprised at the company registrations barometer struggling to quickly improve.”


Heads of public enterprises learn legislation governing their firms

Posted in Business and Economy, Seychelles legislation at 10:53 am by Robert Klien

Chief executives, board chairpersons and finance officers of public enterprises met for a half-day forum to learn more about the laws and regulations govern their operations. Also, they learned more about their functions and discussed issues on the monitoring commission.

The forum was launched by Finance, Trade and Investment Minister Pierre Laporte. He said: “The forum is a very important one as government takes the management of public enterprises very seriously be it from the financial, strategic and governance aspects. We all need to work together to ensure public enterprises are run in an efficient and transparent manner because it is in fact the assets and funds belonging to our people that we are managing and we are accountable to them. This is the most important thing we have to bear in mind”.

The Public Enterprise Monitoring Act came into force in 2009 in order to improve transparency and governance which was at that time administered through a unit in the Ministry of Finance. Earlier this year the National Assembly approved new amendments to the Act which brought the monitoring of public enterprises under a new commission to further ensure a better level of management and good practices.