27 January 2025
St Helena Government (SHG) is the owner of four state corporations and the majority shareholder of Solomon & Company. SHG wishes to explore options for the potential divestment of its shareholding either in whole or in part in three of these entities:
- Solomon & Company (St Helena) PLC
- St Helena Hotel Development Ltd
- Bank of St Helena Ltd
Such divestment decisions are best supported by high quality information and option evaluation so that an optimal solution can be selected in the public interest. Accordingly, SHG is inviting tenders from consulting firms specialising in the provision of transaction advisory services. The appointed consultant will identify and evaluate options for consideration in Phase I during the period April to June 2025 and report the results to SHG. Should SHG decide to proceed with divestment in any one of these three entities, the appointed consultant will assist with the disposal process in Phase II during July to September 2025.
Ministers wish to emphasise that SHG has made no decision at this point about whether to divest the public equity interest in any of these entities. The purpose of the consultancy advice is to inform the future decision making in this regard.
Frequently Asked Questions
What will happen if SHG decides to sell its shareholding in the Bank?
Any decision to divest some or all the shareholding in the Bank of St Helena (BOSH) or indeed to issue new share capital will be informed by expert advice hence the purpose of this consultancy. SHG is looking to expand the range of banking services to BOSH customers and a divestment to a strategic partner may be very helpful in achieving that strategic intention.
What will happen if SHG decides to sell its shareholding in the Mantis Hotel?
The decision to build the Mantis Hotel was to increase capacity in high-quality hotel accommodation to enable the tourism economy to expand alongside the opening of the St Helena Airport. SHG has always been clear that it is not their intention to retain the hotel in the long term and is planning an exit strategy. The consultancy will assist SHG in informing decisions to transfer ownership of the hotel to the private sector.
What will happen if SHG decides to sell its shareholding in Solomon & Company?
The majority shareholding held by SHG in Solomon & Company has a long history. SHG is seeking the advice of the consultants to inform any decision on divestment of this shareholding whether in whole or in part. Appropriate account will be taken of the need to protect the longer-term public interest and ensure best value for the public purse in any divestment decision.
All enquiries should be emailed to the SHG Communications Hub via shgpressoffice@gmail.com