R30million sees Berjaya take control at Praslin Beach |18 March 2006

Department of Finance Principal Secretary Leka Nair confirmed that the government owned 80% shares in the hotel, held as Anse Volbert Hotels Limited, had been sold to Berjaya Praslin Beach (Cayman) Ltd, which already owned the remaining 20%.

PS Nair described the sale, by the government organisation Compagnie Seychelloise de Promotion Hoteliere (COSPROH), as “part of the privatisation process,” and the “government disinvesting in all its hotel properties.”

According to the principal secretary negotiations for the sale started two years ago, but it was only last year that the Berjaya group came forward with a confirmation of their interest to buy the hotel.

Explaining why the sale had not gone through the National Tender Board she said, “this was a project, projects we don’t tender,” adding that “it was not that we wanted to sell it, outside investors showed an interest and we processed.”

Berjaya Praslin Beach (Cayman) Ltd is a subsidiary of Berjaya Land Bhd (BLand) which is quoted in internet news reports as saying that, “the acquisition would contribute positively to the future earnings of the group.”