Minister Assisting the Treasurer Geoff Gallop announced today that BT Corporate Finance Ltd (BTCF) had been appointed as financial adviser to the Government on the privatisation of the SGIO.
He said BTCF had been selected from a panel of five of Australia's leading financial consultants who had been invited to put forward a submission.
These submissions had been considered by the SGIO privatisation committee which was headed by SGIC chairman Ron Cohen and included Treasury representation.
"BTCF has extensive experience in advice to Government on the privatisation of trading enterprises, particularly in the insurance and banking areas," Dr Gallop said.
"Work on stage one of the privatisation process will begin immediately. This involves evaluations and recommendations on appropriate privatisation strategies."
Dr Gallop said it was anticipated that a recommendation on the privatisation process to be implemented in stage two would be made to the Government by the middle of the year. Stage two would also involve the marketing of the agreed strategy.