Dara Calleary (Mayo, Fianna Fail)
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336. To ask the Minister for Arts, Heritage and the Gaeltacht the reason he gave approval to Údarás na Gaeltachta to sell State-owned shares in Arramara Teo.; if he will reconsider this decision; and if he will provide a detailed breakdown of the way the sale of the shares will benefit the State. [16751/14]

Jimmy Deenihan (Kerry North-West Limerick, Fine Gael)
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I understand from Údarás na Gaeltachta that the sale of its shares in Arramara Teo. was approved by the board of Údarás on 1 March 2013, subject to Ministerial approval being obtained and legal details being agreed. Ministerial approval was granted on 29 July 2013. Since the sale of the shares is at completion stage, it is not possible to reconsider the decision. Based on the information received from Údarás na Gaeltachta, I am satisfied that the best value that can be obtained for Arramara Teo. is being achieved through this course of action and that the purchaser has the expertise to develop the company and secure its long-term future for the benefit of its stakeholders. It is envisaged that the sale of Údarás na Gaeltachta's shares in Arramara Teo. will benefit the State through a cash consideration to Údarás na Gaeltachta, through a significant investment in Arramara Teo., and through the development of the seaweed sector into the future with benefit accruing to the State as a result of increased economic activity.