ICSI and SINPF sign historic Shareholders Agreement in Solomon Islands Submarine Cable Company Limited.
On Friday 20th July 2018 the Investment Corporation of the Solomon Islands (ICSI) and The Solomon Islands National Provident Fund (SINPF) signed and executed their Shareholders Agreement, allowing them to complete the purchase of their shareholding in Solomon Islands Submarine Cable Company Limited (SISCC).
ICSI has a 51% share in the Company worth $123M SBD and SINPF 49% share for an equity contribution of $119M SBD, yielding a total capitalisation of $242M SBD ($29.7M USD).
SISCC have also purchased the remaining assets of the Solomon Oceanic Cable Company (SOCC) from SINPF for a consideration of $20M SBD. SINPF will loan SISCC the $20M required for this purchase with interest accumulating on the outstanding balance.