Minister congratulates company on its first investment

Industry, Trade and Technology Minister Sandra C. Kelly congratulated the Newfoundland and Labrador Development Corporation (NLDC) on its first investment in the province, with the purchase of over 95 per cent of the outstanding common shares of SCB Fisheries Limited on December 22, 2000.

NLDC, a private company which evolved from a relationship government initiated with a Taiwanese businessman several years ago, was established to attract investment to the province for industrial development opportunities. At that time, it was announced that a major shareholder of the corporation would be the Yao-Hwa Investment Fund in Taiwan, which executed a share purchase for $7.39 million CDN for a non-majority position in the company. NLDC, which began operations just over a year ago, has offices in St. John�s and Taiwan.

"I am very pleased to see this company moving forward with its intentions to invest in viable projects in Newfoundland and Labrador. NLDC�s investment in SCB Fisheries is an important step in building the aquaculture industry in our province, and I look forward to seeing the results of the company�s commitment to this sector�s development in the years to come," said Minister Kelly.

NLDC Aquaculture Corporation, a wholly owned subsidiary of NLDC, said last week that it will immediately invest two million dollars CDN equity into SCB Fisheries for working capital at the time of closing.

"Through international initiatives such as this one, and activities like our memorandum of understanding with the Republic of Ireland and our New England Trade and Investment Strategy, my department is becoming more pro-active in seeking out business and investment opportunities that can build on the growing industries in our province," added Minister Kelly. "We are committed to working with the business community to find new ways to develop our economy and to help local industries and companies to succeed."

Media contact: Jacqueline Simon, Communications, (709) 729-0050.

2001 01 04                               11:15 a.m.