Rs 7 mln invested in Medpoint by SIC & SICOM

The State Investment Corporation (SIC) and SICOM Ltd will be eligible to a return on investment according to their respective shareholding in MedPoint Ltd.

The SIC invested Rs 5 million in MedPoint, representing 50,000 shares at Rs 100 each in 1993 while SICOM Ltd invested 20,000 shares costing Rs 2 million in the same year. These details were given by minister of Finance and Economic Development, Pravind Jugnauth, at the parliamentary session on Tuesday.

The minister was replying to a question from MP Kee Chong Li Kwong Wing. As per the last audited accounts filed at the Registrar of Companies for the financial year 2008 ending June, the value per share was Rs 280. “Hence the 50,000 shares held by the SIC were valued at Rs 14 million and the 20,000 shares held by SICOM valued at Rs 5.6 million in the books of these companies as of June 30,” said Jugnauth.

The minister added that proceeds of the sale will be distributed once they get approval from the board and shareholders