Second phase of disposal of SPF’s assets ready |24 August 2022
• SPF receives R19.8 million dividend
The Seychelles Pension Fund (SPF) is currently assessing the second phase of its assets disposal as the tender was closed on August 1, 2022.
The proposal will be submitted to the SPF board on September 1.
This was shared by the chief executive of SPF, Nisreen Abdulmajid, who also confirmed that this year SPF received a dividend representing 6% return from the investment in Cable and Wireless Seychelles (CWS).
“Going forward CWS indicated to us that there will be dividend through this investment to the SPF and this year we received a dividend of R19.8 million,” Ms Abdulmajid announced.
In the first phase of assets disposal, SPF decided to dispose of four assets – Corail d’Or, La Passe Pension House, La Clementine, and plots of land at Anse à la Mouche.
Ms Abdulmajid noted that out of the four properties, only the property at Anse à la Mouche, which comprised 3 vacant plots of land (C6371, C269, C6137), for the consideration amount of R5,310,000, was sold last year.
“This year again we are proposing Corail d’Or, La Passe Pension House, La Clementine and a plot of land at Pointe au Sel to be disposed of. With our new investment policy which was approved last year in November, we have different benchmarks and a strategic asset allocation and based on the different evaluations, we came up with a new policy as we had too much concentration on property – over 50%. That is why we are reducing our risks on property and re-diversifying our investments which will bring more returns,” shared Ms Abdulmajid.
Regarding Le Chantier Mall, SPF’s CEO shared that the board will soon give its decision. “SPF is currently finalising its insurance claim after the upper floors of Le Chantier Mall were completely destroyed by fire in October last year. The board is moving toward refurbishing the property and we launched an expression of interest three weeks ago. These concepts will be presented to the board so that a decision can be made,” stated Ms Abdulmajid.
SPF’s CEO also shared that their investment in Seychelles Breweries Ltd is generating good revenue.
Vidya Gappy