Former SSB directors re-elected as new member joins board


17-June-2013

The recent AGM in progress


This took place at the bank’s recent annual general meeting held at the International Conference Centre in the presence of many shareholders. This is the second such event to be organised by the SSB, after the first held late last year.

The recent AGM saw a dividend amounting to R3 million (in addition to an interim of R3 million already approved at last year’s AGM) approved by all present.
The audience also approved through a show of hands that BDO Associates would once again be the elected auditors to carry out the audit of the company.


Mr Benstrong told the audience that the company had again made a profit for 2012, and he gave details of work being done to take SSB to the next level. This includes installation of new ATMs in several places on Mahé, as well as upgrading of the banking software and other technologies being used.

With the recent selling of shares by the government where 40% of shares was up for sale, 23% of the shares have already been sold, and the 17% left will soon be on sale, and according to Mr Benstrong this might be in October this year.

“A number of rules have been reviewed, such as lifting the restrictions on the number of shares one could buy. At the time of the selling of the first batch of shares, one could only buy R25,000 worth of shares, and this has now been lifted,” he said.

“There will also be a bid, where the government will put a reserve price, and people will be free to nominate their offers above that. And in the first sale of shares, those with joint accounts could only buy shares amounting to a total of R25,000, and this has now also been lifted.”

He also stressed the importance of the new shareholders getting a representative on the board of directors, thus Captain Morgan’s appointment to the board.

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