Sierra Leone National Shipping Company (SLNSC), a state owned company of the Government of Sierra Leone, and Four Handy (FHL) a Premuda Group Company, on November 12, 2012, announced the formation of the National Carrier of Sierra Leone, SLNC: Sierra Leone National Carrier.
SLNSC was formed by the signing of a joint venture Agreement between parties, followed by the Sierra Leone National Carrier Act ratified by Parliament and passed into law. The process was supported by all relevant stakeholders including the Ministry of Transport and Aviation, Office of the Attorney General, the National Commission for Privatization (NCP) and all relevant stakeholders of the Government of Sierra Leone.
SLNSC control 51% of the shareholding in SLNSC with FHL controlling the remaining 49%.
The CEO of SLNC will be Mr. Stefano Rosina, Managing Director of the Premuda Group and Chairman will be a representative of the Government of Sierra Leone.
Within the Terms of the Law passed, SLNSC shall be entitled to ship 40% of all cargoes, whether they be unitized, dry bulk or liquid, that are exported from or imported into the Republic of Sierra Leone. SLNSC SHALL also have the right to participate, at its discretion, with an interest of 40%. In the provision, operation and ownership of any Floating Production Storage Off-loading unit (FPSO) or Floating Storage Off-loading unit (FSO).
SLNSC shall operate from its Headquarter in Freetown, Sierra Leone and shall have subsidiary operating out of the United Kingdom.
Sierra Leone, which up until now has not benefited from the shipping of its vast reserves of natural resource, will now start to see the rewards. Much of the profits derived from this activity will remain in the country by means of dividends and tax revenue which will be paid to the Government of Sierra Leone, not to mention job creation and training of Sierra Leone nationals.
Titron Channel Ltd has acted as independent advisor to the transaction.
[mappress]
SLNSC, November 14, 2012