The National Industrial & Commercial Investments Ltd. (NICIL)

The National Industrial and Commercial Investments Limited (NICIL) was incorporated as a Private Limited Company under the Companies Act, Chapter 89:01 in July 1990. A new Companies Act was enacted in 1991 with effect from May 1995 by the Companies Act (Commencement) Order, No. 25 of 1995 and NICIL was registered as a continuing company pursuant to Section 339 of the new Act in 1998.

The primary objectives of the company were that of subscribing for, taking or otherwise acquiring, holding and managing the Government’s shares, stocks, debentures or other securities of any company, co-operative societies or other body corporate. This meant that all Government shareholdings in public corporations and companies including those falling under the Public Corporations Secretariat, and the Co-operative Finance Administration Institutions were to be transferred to NICIL. The objective was to have a unified and systematic management of Government’s shareholdings.

NICIL engages in many activities such as being the holding company for Government owned minority/majority interests, property management which includes the acquisition/disposal/ rental of Government owned properties, monitoring Government’s equity in other companies and acting as agents for other Government agencies in the disposal of properties or management of companies.