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Monday, 30 August 1993
Page: 623

(Question No. 386)

Senator Campbell asked the Minister representing the Minister for Finance, upon notice, on 9 July 1993:

  With reference to the sale of the Commonwealth Serum Laboratories: (a) when announced, by what date are the proceeds budgeted to be received by the Federal Government; (b) what stage has the privatisation reached; (c) when will the sale be completed; (d) what percentage of the shares will be offered to employees; and (e) what incentives will be offered to employees to take up shares.

Senator McMullan —The Minister for Finance has provided the following answer to the honourable senator's question:

  (a) The sale of CSL Limited (formerly the Commonwealth Serum Laboratories) was announced as part of the 1992-93 Federal Budget on 18 August 1992. Proceeds are budgeted to be received in the 1993/94 financial year.

  (b) Following the decision, announced in November 1992, that the sale will be by way of a public offering of the Commonwealth's 100% shareholding in CSL Limited, transition arrangements and vendor due diligence processes are currently progressing in line with the defined timetable.

  (c) Assuming market conditions are suitable and preparations for the sale are complete it is anticipated that the float will take place some time in the second half of the 1993/94 financial year.

  (d) & (e) No decisions have yet been taken regarding an employee share scheme or other similar arrangements.