15, 2011 -- Government is making available shares in the Seychelles Savings Bank to be sold to accounts holders as from April 20.

People who have accounts with the Seychelles Savings Bank (SSB) will as of April 20 be able to buy from the government's shares in the bank, finance minister Danny Faure announced yesterday.

Minister Faure said during the first phase of the process, "offer for sale document" will be available at all SSB branches as from this afternoon but all applications will be entertained as from April 20. This will be over a period of two weeks and will close on May 5.

Mr Faure said the sale of government shares in the SSB was announced by President James Michel's in his state-of-the-nation address in February this year.

The government's 40% share in the SSB amounts to 240,000 shares which is equivalent to R24 million.

The shares will be available for sale at R100 each and account holders will be eligible to apply for a maximum of 250 shares each, Mr Faure said.

During the sale process, application boxes will be made available at all SSB premises and also at the post office.

In the second phase of the sale, depending on the subscription received during the first phase, the Ministry of Finance may offer for sale to the general public the remaining portion of the 240,000 shares.

SSB managing director Michael Benstrong said dividends will be made known to shareholders when the time comes.

Mr Faure said the government has agreed for the SSB auditors BDO Associates' Corporate Registrars (Pty) Ltd to act as consultants of the sale process.

Two representatives of BDO Associates, Nazrah Ramdin and Kevin Ramsamy, were present at Liberty House when Mr Faure made the announcement yesterday. Also present were the principal secretary for Finance Ahmed Afif.

The Ministry of Finance, the Central Bank of Seychelles (CBS) and the SSB will closely coordinate the execution of the sale.

The CBS will maintain a regulatory oversight during the process while the Ministry of Finance will give out information about SSB's accounts by posting further information on the Seychelles Investment Bureau website shortly, a communiqué from the Ministry of Finance has said.