The sale of Investment Saskatchewan’s interest in Saskferco, the fertilizer plant at Belle Plaine, pushed the corporation’s earnings to an all-time high.
The corporation sold the plant to Yara International last year for $816.9 million, resulting in overall earnings of $691 million. That is far above the target of $42.2 million and the $11.5 million earned the year before.
“The sale of Saskferco was one of the largest business transactions in Saskatchewan’s history,” said Lyle Stewart, the minister responsible.
Investment Saskatchewan had owned 49.5 percent of Saskferco.
Another holding, Big Sky Farms, lost $12,191 even as the corporation invested another $3.5 million in the hog company. Stewart has said that some of the company’s assets are being held for sale, and the annual report issued Dec. 31, 2008, indicated it was past due on a government hog loan.
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Other significant agriculture-related equity investments include Bioriginal Food and Science Corp., Can Pro Ingredients Ltd., Horizon Environmental Technologies, MCN Bioproducts Inc., Performance Plants Inc., Premium Brands Income Fund, Targeted Growth Inc. and Universal Energy Group.
Investment Saskatchewan’s portfolio also includes a loan to Terra Grain Fuels, now part of Universal Energy Group, and the seed capital fund, Foragen Technologies Ltd. Partnership.
Stewart announced last fall that the corporation will not make any new investments and will end the management agreement with Victoria Park Capital as of June 30.
The corporation will now divest itself of an existing portfolio of investments. Stewart expects that to occur over the next three years as the government moves out of investing in private business.
