The Federal Holding and Investment Company was created on 1 November 2006, a result of the merger between the Federal Participation Company (Federale Participatiemaatschappij / Société Fédérale de Participations) and the Federal Investment Company (Federale Investeringsmaatschappij / Société Fédérale d'Investissement).
The Federal Investment Company (FIC) acquired the Federal Holding Company (FHC) in accordance with the law of 26 August 2006 on the merger of the Federal Investment Company and the Federal Participation Company.
Below is a brief overview of the background of both companies.
The National Investment Company (NIC) (Nationale Investeringsmaatschappij / Société Nationale d'Investissement) was created by the State in 1962 for the purpose of investing in companies to promote their development.
In 1976, the NIC's brief was expanded so that it could set up companies - in the spirit of the upcoming government economic initiative. At the same time, it was empowered to acquire shareholdings and set up companies at the request of and on behalf of the State , the so called 'assignments'.
In 1994 the lion's share of the NIC's portfolio was transferred to private investors and the Federal Investment Company was then established. As the legal successor, the FIC was entitled to pursue the same business activities as the NIC. Subsequently, the State contributed its FIC shares to the FHC and the FIC became a subsidiary of the FHC.
In 2005 the FHC acquired the shares of minority shareholders who at that time held 4.3% of the capital. The FHC ended up holding all of the shares.
The main FIC's shareholdings are at the time of the merger, the "Belgian Corporation for International Investment", "ASTRID" and "Congrespaleis / Palais des Congrès".
By the end of 2005, the FIC’s total assets were 361 million EUR, with a share capital of 143 million EUR.
When the public credit institutions were consolidated in 1992, ASLK Holding was founded as a holding company in the banking sector. After the ensuing privatisation of public credit institutions, the banking holding company was converted into a general holding company called the Federal Holding Company.
The proceeds from the privatisations were, for the most part, kept within the FHC and were used to shore up the capital of state-owned companies such as the Belgian Post Group (De Post / La Poste) and the National Lottery.
By the end of 2005, the FHC's total assets were 775 million EUR, with a share capital of 774 million EUR.