Seychelles’ main source of growth is tourism. The country has seen an increase in per capita output since its independence in 1976. Exports include canned tuna, frozen fish, cinnamon bark, copra, petroleum products. Its main export partners are France, Italy, Japan and the United Kingdom.
Lex Mundi in Seychelles
Lex Mundi provides coverage in Seychelles through Appleby, Lex Mundi member firm for Bermuda. The firm advises on all aspects of Seychelles law. This includes the establishment of investment funds, special purpose vehicles and structured finance products, insurance companies and insurance products, securitization, corporate and commercial matters, financing transactions and public and private holding companies.
Representative Experience in Seychelles:
- Acting as Seychelles Counsel to Cameroon-focused Afferro Mining (an iron ore exploration and development company listed on TSX-V and AIM), in connection with the proposed acquisition by International Mining & Infrastructure (LON:IMIC) of 100% of the issued and outstanding share capital of Afferro Mining and that of its affiliates/subsidiaries, pursuant to a Canadian court approved plan of arrangement for about US$200 million.
- Acting as Seychelles Counsel to Teleflex (NYSE:TFX) in connection with the acquisition of substantially all of the assets of LMA International N.V. (LMA) (a global market leader in laryngeal masks currently listed on the Singapore exchange) for SGD 343.5 million in cash (approximately $276 million).
- Acting as Seychelles Counsel to the African Development Bank (AfDB) on the provision of a €8.5m development loan to a government and private sector consortium to part finance the Seychelles East Africa Submarine Cable.
- Acting as Seychelles Counsel to Standard Chartered Bank and DBS Bank Ltd in connection with a US$108m loan to SGX-ST listed C2O Holdings Ltd for the acquisition of 100% of the shares in SGX-ST listed Swissco International Limited, pursuant to a scheme of arrangement undertaken by Swissco International Limited.
- Acting as Seychelles Counsel to the leading sovereign fund China Investment Corporation (CIC) in connection with a US$1.9bn loan to Indonesian miner PT Bumi Resources Tbk (Bumi) whereby CIC received an annual coupon of 12% on the loan. The investment is expected to bring an internal rate of return of 19%.