Dáil Éireann Debate, Thursday - 10 April 2014
112. Deputy Dara Calleary asked the Minister for Arts, Heritage and the Gaeltacht the current ownership position of Aramara Teo.; if it is the Government's intention to sell the company or any of its shares in the company; if such a sale will be advertised; and if he will make a statement on the matter. [17136/14]
View answer113. Deputy Dara Calleary asked the Minister for Arts, Heritage and the Gaeltacht the position regarding the relationship between Aramara Teo. and Acadian Seaplants Canada; and if he will make a statement on the matter. [17137/14]
View answerI propose to take Questions Nos. 112 and 113 together.
I also wish to refer the Deputy to my reply to Question No. 336 of 8 April 2014 regarding this matter. Arramara Teo. is currently a wholly owned subsidiary company of Údarás na Gaeltachta. The sale of Údarás na Gaeltachta's shares in Arramara Teo. to Acadian Seaplants was approved by the board of Údarás on 1 March 2013, subject to Ministerial approval being obtained and legal details being agreed. Ministerial approval for the sale was granted on 29 July 2013. I understand that the decision by Údarás na Gaeltachta to sell its shares was made following an exhaustive open process which commenced in 2010 to secure a buyer for the shares.
Based on the information received from Údarás na Gaeltachta, I am satisfied that the best value that can be obtained for Arramara Teo. is being achieved through this course of action and that the purchaser, Acadian Seaplants, has the expertise to develop Arramara Teo. and secure its long-term future for the benefit of its stakeholders. It is envisaged that the sale of Údarás na Gaeltachta's shares will benefit the State through a cash consideration to Údarás na Gaeltachta, through a significant investment in Arramara Teo., and through the development of the seaweed sector into the future with benefit accruing to the State as a result of increased economic activity.
