The start of CESCE’S privatization process is authorized
14 September 2012 |
The Government has resolved to authorize the sale of 50.25% of the share capital of the Compañía de Seguro de Crédito a la Exportación (state-owned company for export credit insurance) (CESCE), which currently is owned by the State.
The start of this privatization process has required that the Royal Law-Decree 20/2012 eliminated the legal requirement which existed before and which forced the State to maintain a majority ownership in the Company’s share capital.
With this deal, for which the preliminary report of the Consultative Board for Privatizations has been requested, the goal is to achieve, as happens in other advanced economies, to introduce into the management of export credit insurance a specialized operator which provides, besides an appropriate financial offer, technical abilities which make possible to improve the efficiency in the management of credit export insurance; while at the same time, the Administration will continue maintaining the public control over the activity of the State’s account managed by CESCE.
The Resolution entrusts SEPI with the status of Agent in charge of managing the privatization for carrying out the process. To this end, SEPI would conclude an agreement with the Dirección General del Patrimonio del Estado.
The proceeds of this divestment will go into the State Treasury.