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Ottawa, December 18, 1997
1997-123
Government Sells Shares of National Sea Products
Finance Minister Paul Martin announced today that the government has sold its entire shareholding of 776,488 common shares of National Sea Products Limited to Scotia Investments Limited. Net proceeds to the government from this sale are $5,823,660. The government had announced its intention to sell these shares in the 1996 budget.
The government's investment in National Sea Products Limited was made under authority of the Atlantic Fisheries Restructuring Act, passed by Parliament in 1983. Under the terms of an agreement entered into at that time, Scotia Investments Limited, the principal shareholder in National Sea Products Limited, held the right of first refusal on the sale of the government's shares.
National Sea Products Limited is a publicly traded Canadian company based in Lunenburg, Nova Scotia which processes and markets fish and seafood products.
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For further information:
Harry Adams
Public Affairs and Operations Division
(613) 992-7763
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| Last Updated: 2005-01-04 |
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