Sacos Group, a formerly state-owned insurance and property investment business, became the first company to start trading its shares on the Seychelles’ stock exchange today.
The country’s biggest insurer on the Indian Ocean island nation, closed trade at 68 Seychelles rupees on the Seychelles Securities Exchange, according to data compiled by Bloomberg.
“This is a very exciting moment for Seychelles, the launch of the first day of trading for the Seychelles Securities Exchange,” Pierre Laporte, the country’s finance minister said, according to an e-mailed copy of a speech made at the opening ceremony. “The development of capital markets for Seychelles reflects the great steps that Seychelles has taken in our economic reform agenda.”
SACOS Group owns SACOS Insurance Co. Ltd., SACOS Life Assurance Co. and Sun Investment Ltd. The company’s asset value as of Dec. 31 was 606 million rupees ($51 million), according to documentation released at the opening ceremony.
The government of Seychelles owns 20 percent of the company while Opportunities Investment has 37.1 percent, it said earlier this year.