Vol. 494 No. 3
138 Mrs. Owen asked the Tánaiste and Minister for Enterprise, Trade and Employment the plans, if any, she has in relation to a company (details supplied); the proposals, if any, she has to sell the Government's 51 per cent share; the procedures she will adopt if the Government's share is to be sold; the debt outstanding in this company or from NET; and if she will make a statement on the matter. [18266/98]
Irish Fertilizer Industries — IFI — is owned 51 per cent by the State, through NET and the remaining 49 per cent is owned by Imperial Chemical Industries — ICI. I am seeking to progress, with ICI, a joint sale of IFI. To this end, IBI Corporate Finance has been appointed to advise and assist the State in relation to the proposed sale. It is my objective to seek a purchaser with a commitment to IFI as a fertilizer manufacturer and to safeguard IFI operations and employment in any sale.
Discussions have been ongoing with ICI over recent weeks with a view to agreeing a joint approach to the sale process. Subject to agreement being reached with ICI, an information memorandum will then be circulated to prospective purchasers, as a basis for obtaining indicative bids. Subject to successful negotiations with a suitable purchaser, it is hoped that the sale process will have advanced considerably by early 1999. The State guaranteed NET debt is currently £167.95 million.
