Seychelles Begins Negotiations With MW Brands

By Republic Of Seychelles, PRNE
Wednesday, July 7, 2010

VICTORIA, Seychelles, July 8, 2010 - The Government of the Republic of Seychelles announced today that it is
entering into negotiations with MW Brands over revised terms for the
shareholders' agreement governing the operations of Indian Ocean Tuna Limited

Located in the Seychelles International Trade Zone, IOT is the second
largest tuna processing and canning plant in the world. In the year ending 31
March 2009
, IOT processed almost 66,000 metric tons of tuna and sold 4.6
million statistical cases of tuna cans, mostly to the UK, French and Italian
markets. IOT processes primarily tuna of the yellowfin and skipjack
varieties, and employs approximately 2,000 people.

The Government of Seychelles controls a 40% equity stake in IOT, with the
remaining 60% controlled by MW Brands, a seafood company headquartered in
France. Presently, almost the entirety of IOT's output is bought by a
subsidiary of MW Brands operating within Seychelles's offshore sector.

The Government expects that the negotiations will result in a revised
shareholders' agreement that benefits from increased transparency, a sharper
focus on market-based principles, and a better balance between the interests
of all shareholders. The Government's overriding aim is to ensure that an
appropriate proportion of the value-added generated by Seychelles's fisheries
resources is retained within the country.

Seychelles is presently implementing a comprehensive economic reform
programme aimed at placing the public finances on a sustainable footing,
eliminating subsidies and other distortions from the economy, and encouraging
private sector-led growth. To achieve these goals the authorities are taking
steps to ensure that all public stakes in commercial enterprises are being
managed on an efficient and transparent basis. The Government's reform
efforts are being supported by the IMF through an Extended Fund Facility, and
by lending programmes made available by the World Bank and the African
Development Bank.

Jill Laporte, +248-382-109 / 722-740, jill.laporte at

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