CCCS shares open for sale |12 June 2018
Seychellois individual investors and other local and foreign entities based in Seychelles who have expressed interest to buy shares in the Central Common Cold Store LTD (CCCS) are being urged to make payments of their committed shares as the deadline for payment is at 1pm, Friday June 22.
One share is USD 1000.
Payments can be made by cheque or by telegraphic transfer in the company’s bank account at MCB, Caravelle House, Manglier Street or by cheque deposited to the office of Constant Capital, a broker company based at Eden Plaza, Eden Island where after, CCCS will provide a shareholder certificate.
But Seychellois individual investors who have not previously applied to buy shares have until June 20 to complete the formalities through the prospectus requirement which can be obtained from the Société Seychelloise D’Investissement (SSI) based at room 37 Kingsgate House.
It was the chairman of CCCS, Peter Sinon, who said this during a briefing with the press on the collection of funds from committed shareholders who applied for the shares when they were tendered out last year and also on the progress with regard to the selling of shares in the company.
Also present at the briefing were the chief executive of SSI, Rupert Simeon, and the general manager of Ile du Port Handling Services (IPHS), Arthur de Bretagne.
CCCS will be a central and common cold store infrastructure platform for fish sorting, grading and sizzling, with a storage capacity of 12,600 tonnes at -20 and -40 degrees Celcius.
CCCS, which will be located at zone 14 at Ile Du Port, will also be involved in direct container stuffing thus preserving the cold chain and will facilitate the disposal of by-catch by all fishing vessels.
The project will cost USD35 million and CCCS is raising a USD23 million loan with the banks and the remainder USD12 million will be through equities from the shareholders.
In all, 51% shares in CCCS are reserved for Seychellois investors with 12% for individuals at 20 shares maximum. The rest is for local entities at 10% of the total shares. The 49% shares in CCCS are being allocated to only locally foreign based companies involved in the fishing industry.
After a stack period of two years in the construction phase, CCCS will start to pay dividend from 3% to 6% after the first year of operation and dividend will climb up gradually as the years go by until more percentage dividend will be paid after ten years after the bank loan has been paid off.
Mr Sinon noted that collection of payment on shares since June 1 was due to the fulfillment of five conditions imposed by CCCS last year before funds could be collected which were; firstly, to obtain the lease agreement to negotiate the bank loan; secondly the energy solution, whereby CCCS will produce its own power for the first five years of operations before switching to power from Public Utilities Corporation (PUC); thirdly, to obtain 75% rental occupation space by companies which has by far exceeded 92% at renting space of USD192 per tonne per day; fourthly, to have a space in the cold store for value added products which has been taken up and lastly to getting the banks to be interested in the project.
“We feel we have made progress and we are satisfied now that we can start to collect the subscriptions,” Mr Sinon said.
He noted that if local individuals do not make the 12%, local entities will buy the rest of the shares to make for the 51% local shares.
Mr de Bretagne said that already 206 Seychellois individual shareholders have shown interest in the project with 20% having paid their shares amounting to USD400,000. More contributions are expected in the coming weeks.
Both Mr Sinon and Mr de Bretagne said the investment is viable and are encouraging people to invest.