MONTREAL, June 11 /CNW Telbec/ - Société générale de financement du
Québec (SGF) today publishes its 2007 Annual Report. In spite of difficult
conditions in many sectors of the economy, SGF maintained stringent management
and investment criteria, to ensure SGF remained profitable while pursuing its
Economic impact on Québec of SGF's 2007 projects
SGF remains involved in the movie business. In 2007, we formed a
partnership with Lionsgate, one of the world's largest independent film
producers, with a catalogue of more than 11,000 tittles, many of them award
winners. Over four years, we will invest up to US$140 million in feature films
and television series made in Québec and representing an overall investment of
US$400 million. The benefits for Québec are for real: 6,700 jobs and wages
exceeding C$270 million.
As a result of SGF's involvement in the film industry, four feature films
and one television series have been shot in Montréal in the past year, and the
distributor Alliance Films has moved its head office to the city.
Among SGF's other large-scale investment projects, it is worth mentioning
its involvement in Groupe Le Massif Inc. The company, which was created by
Daniel Gauthier, is developing a $250-million project that will extend from
Petite-Rivière-Saint-François to Baie-Saint-Paul on three main sites. It is
the most ambitious recreational tourism project under way in Québec. SGF is
investing $25 million in it and has committed to invest an additional
$10 million, for a 25% interest in Groupe Le Massif Inc.
This project balances economic development, environmental protection and
social progress in a unique concept that will attract people from Québec, the
rest of Canada and other countries. SGF's investment has completed the
financing for a landmark sustainable development project with numerous
Far from giving up on its more traditional investment sectors, SGF also
invests in projects in the manufacturing sector. In 2007, we invested
$37.5 million in Induspac, a member of the new generation of high-value-added
forestry companies. A Québec leader packaging, Induspac has reinvented itself
over the years to offer solutions adapted to the specific needs of its
customers in the aerospace, automotive, medical technology and telecom
sectors. It has also ensured its vertical development by moving into the
manufacture of components, such as protective foam.
The company, by Paul Gaulin in 1977, is expanding rapidly and SGF's
investment will enable it to implement its international expansion plan.
SGF, a partner of the forest industry for more than 40 years, is involved
this time in its renewal.
Moreover, SGF acquired 490,000 common shares of Logibec Groupe
Informatique Ltd. (Toronto Stock Exchange: LGI) at a cost of $9.6 million as
part of a private placement of 1,204,700 new shares issued by the company at a
price of $19.50. Logibec, whose head office is in Montréal, is one of the
10 largest Canadian companies specializing in the development, marketing,
implementation and support of information systems for the health and social
services sector. With the transaction, SGF took part in Logibec's strategy of
growth through acquisitions.
As stated in the Annual Report, during the year 2007, SGF invested
$233 million in projects totalling $870 million. These new investments will
ultimately create more than 9,580 person-years of direct and indirect
Société générale de financement du Québec (www.sgfqc.com), an industrial
and financial holding company, has a mission to carry out economic development
projects, with emphasis on the industrial sector, in co-operation with
partners and on standard profitability conditions, in accordance with the
economic development policy of the Québec government.
Senior Adviser, Communications and Media Relations
Société générale de financement du Québec
For further information:
For further information: Marie-Claude Lemieux, Senior Adviser,
Communications and Media Relations, Société générale de financement du Québec,