SPF welcomes PEMC’s investigation in planned acquisition of Cable & Wireless shares | 03 December 2019
Seychelles Pension Fund has announced that it welcomes the investigation by the Public Enterprise Monitory Commission to ascertain whether the principles of good corporate governance have been adhered to, for the proposed purchase of 20% shares in CWSI (CWS Investment Limited) that already owns Cable & Wireless (Seychelles Limited).
“Seychelles Pension Fund (SPF) is committed to the highest standards of ethics, transparency and accountability, and we make all our investments with the interests of our members at heart. We would like to reassure our members that the decision to invest was done after complying with all applicable regulations, policies and guidelines that SPF is required to comply with,” writes a communiqué from the Seychelles Pension Fund (SPF).
“SPF believes that if the investigation is done with fairness and impartiality, it will dispel allegations of impropriety in this investment opportunity and the board’s decision to invest in this company,” adds the communiqué.
To date, SPF has not purchased, paid or confirmed in writing to buy the shares, the only communication to the shareholders of CWSI, being of SPF’s intention to acquire the 20% shareholding in CWSI as per their offer.
To that effect SPF yesterday submitted relevant documentation requested by PEMC, ahead of the stipulated deadline of December 6, 2019, so that PEMC can commence their investigation.
Press release from SPF