Vol. 402 No. 6
29 Mr. Sherlock asked the Minister for Agriculture and Food the reasons the Government have decided to privatise the Irish Sugar Company, especially in view of their recent performance and the clear potential that exists for their expansion and development; if he will publish the interdepartmental report on the Sugar Company; and if he will make a statement on the matter.
The Government have decided that the best way forward for greater development and diversification for Siuicre Éireann cpt is by partial privatisation. This will provide the company with sufficient flexibility for expansion which enabling the State to retain sufficient control in order to ensure the continuation of sugar production in the country. It is envisaged that a new holding company will be floated on the stock market into which the Minister for Finance will transfer his shareholding in Siuicre Éireann cpt. It is envisaged that the State's shareholding in the new company will be 45 per cent.
I have no plans to publish the ad hoc group's report.
