Sask. to sell part of Information Services Corp.
Published Monday, November 19, 2012 3:30PM CST
Last Updated Monday, November 19, 2012 6:52PM CST
The Saskatchewan government has introduced legislation to privatize the Crown corporation that handles land and personal property registries.
The province says it will sell 60 per cent of Information Services Corp., which was formed as a Crown in 2000.
Don McMorris, minister responsible for ISC, said Monday that a sale is the best way for the company to grow beyond Saskatchewan.
"It has got a great product to put on display and hopefully sell throughout the world," McMorris said.
"It has, again, serviced the people of Saskatchewan very well, but we realize that the growth potential here in Saskatchewan is not nearly as great as if we allow it sell its products and services around the world."
Of the 60 per cent of shares that will be for sale, five per cent can be bought by employees, 45 per cent by Saskatchewan citizens and 50 per cent by outside investors.
No one person or group of investors will be allowed to buy more than 15 per cent of the shares sold.
The government said the shares are expected to raise between $90 and $120 million, which McMorris said will be used to build infrastructure, such as roads.
The legislation says the company's head office must stay in Saskatchewan.
The province will also keep 40 per cent of ISC, although that figure is not enshrined in the legislation.
McMorris said there is no immediate plan to change the amount.
"We don't have any designs any time soon, no. We want to see how the company runs and how successful this is into the future," he said.
Services handled by ISC now, such as vital statistics including births, marriages and deaths, will be transferred to the government.