Trop-X, the Seychelles Securities Exchange, announced today that The SACOS Group Ltd (Seychelles Registered Company # 820521-1) has signed a letter of engagement with Constant Capital, a Trop-X registered Sponsor Advisor, for listing on the Exchange in July 2013. With the announcement, the SACOS Group becomes the first company to confirm its intention to list on the Seychelles Securities Exchange since Trop-X opened its doors in November 2012.
“We’re very excited about the SACOS Group listing as it is one of the largest and most established companies in the Seychelles. Whilst we are currently engaged with other local and foreign companies, that we expect will be making announcements soon, we are pleased that the first listing is a local Seychelles company,” says Mr Francois Venter, Managing Director for Trop-X.
Mr Antonio Lucas, SACOS’ CEO, stated that ‘…listing on Trop-X is the next logical step for the SACOS Group. We have seen steadily increasing profits which have benefited our shareholders over the past years. Our company goals are orientated towards anticipating opportunities and achieving progress. We are happy that we are the first to take the opportunity that Trop-X presents and confident that it will lead to the further development of our company as an insurance provider both locally and to the region.’
The State Assurance Corporation of Seychelles (SACOS) was the sole insurance provider in Seychelles until H Savy Insurance entered the market in 2005. The Government of Seychelles remains one of the major shareholders, holding directly 20% of the company, while 37.1% is held by Opportunities Investment (a partnership between the Seychelles Pension Fund and Swan Investment), 12.9% held by current and ex staff members and 30% held by various public shareholders. ‘As the Government remains one of our key Shareholders, we are still regarded by some as being a parastatal. This step will reaffirm that SACOS is a private company and operates as such’ said Chairman of SACOS Group Board, Mr Felix. ‘As a board we are proud of the success that SACOS has enjoyed to date and believe that the requirements for continued listing will serve to further benefit the Company and the Shareholders.’
Listing on the Exchange brings a number of benefits for the company as a whole as well as shareholders. One such benefit is the unlocking of shareholder value; historically, listings have seen the price of the shares listed significantly increasing in value. As such the Exchange would recommend that current shareholders should be cautious of selling their shares before the company has listed or risk receiving less than the true value of their shares.
For its financial year ending December 2011, SACOS registered a gross profit of SR 33 million, representing an increase of 24% over the previous year, paid out a dividend of SR 60 per share, and total asset value of SCR 569 million comprising of SCR 225 million in non-life insurance, SCR 341 million in life Insurance and SCR 130 million of shareholder’s equity.