Savings Bank to hold AGM today |07 August 2012

The meeting, to be held at the International Conference Centre starting at 2pm, will approve the bank’s accounts and deal with other matters.

It is to be noted that until 2010 the bank was wholly owned by the government of Seychelles and the AGM was attended by only one shareholder, namely the government of Seychelles.

During 2011, the government offered to sell 40% of its shareholdings -- amounting to R24 million -- to the account holders of the bank at a face value of R100 per share. The process started on June 15, 2011 and was completed on July 15, 2011 during which 2921 account holders bought shares worth R14.07 million.

The government has expressed its intention to come out with a second round to offer the remaining shares to account holders of the bank. Full details will be provided in a separate “Offer for Sale Document” at a later date.