• Latest
Buy more shares in GRENLEC

Government Has Opportunity To Buy Shares in GRENLEC

9 years ago
Supervisor of Elections signs agreement with Chief of OAS Observer team

OAS Electoral Observation Mission reports for Grenada General Elections 2022

7 hours ago
NDC wins Grenada’s General Election 2022

General Elections Results 23 June 2022

18 hours ago
STAR Intervention Programme brings out best in RGPF

Despite overwhelming success at the polls…A word to the wise!!

21 hours ago
OECS Family Launches 195in365 Global Environmental Initiative

OECS Family Launches 195in365 Global Environmental Initiative

22 hours ago
NDC announces 7 candidates

OECS Commission congratulates newly elected PM and Government of Grenada

22 hours ago
New executive leading the work of the CCG

Statement from the Conference of Churches in Grenada

1 day ago
Prime Minister’s Address: Grenada’s preparation for Covid-19

Former PM speaks with PM-elect

1 day ago
Sagicor salutes legends at 2021 Group Annual Awards ceremony

Sagicor salutes legends at 2021 Group Annual Awards ceremony

1 day ago
NDC wins Grenada’s General Election 2022

NDC wins Grenada’s General Election 2022

2 days ago
Claims of coronavirus at SGU designed to create fear and panic

Covid-19 update: Grenada Dashboard 22 June 2022

2 days ago
This Day in History

This Day in History: 23 June 1831

2 days ago

Is the 2022 elections manifesto of Grenada’s main opposition complete?

3 days ago
NOW Grenada
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
NOW Grenada
No Result
View All Result

Government Has Opportunity To Buy Shares in GRENLEC

This story was posted 9 years ago
20 September 2013
in General News
3 min. read
Grenlec – Queen’s Park Power Plant & Substation, St George – PicturesofGrenada.com
Share

Grenada’s lone power company which is owned by a USA company based in Florida has served notification to Government that it plans to sell the majority of shares, and is giving Government the first opportunity to purchase the shares.

The Government said it received notification from GRENLEC’s majority shareholders WRB Enterprises through its locally registered company, Grenada Private Power Limited, confirming its intention to divest.

The original sale agreement makes it mandatory for the majority shareholder to give Government first preference to reclaim control of the company which was privatized by the Nicholas Brathwaite National Democratic Congress administration in early 1990s.

According to the terms, if Government decides not to make a purchase offer for the shares within the 30 day period, then the Florida based company will be notified. Government has thirty days to respond and if Government refuses the offer WRB can then proceed to seek another buyer.

A news release from the Government Information Service said that Prime Minister Mitchell was in a jubilant mood on receiving the letter. However, he was quick to clarify that government’s aim is not to own or manage GRENLEC.

“Dr. Mitchell said his administration’s role is to facilitate the process in which the company can be managed by a buyer who understands the needs of the population, and which can ensure that electricity is offered at the most affordable costs to the people of our nation,” said the release.

“The company’s decision to sell GRENLEC shares is probably the best news so far of this Government. The electricity company was the birthright of our nation, and as Prime Minister, I believe the previous administration had given away our birthright for almost nothing,” Dr. Mitchell said on Friday.

“I am less concerned with who owns GRENLEC. My major concern is to ensure that whatever third party buyer the government attracts understands the needs of the nation, and ensures that electricity is at a cost that everyone can afford,” he said.

The notification to repurchase the shares coincides with a second request to Government in recent months for GRENLEC to raise electricity rates. However, the government has repeatedly indicated that it is not willing to entertain the request for a hike in electricity rates.

In January 2013, the then Tillman Thomas led National Democratic Congress which lost the 19 February general elections confirmed that GRENLEC had made a similar offer. The administration said said it was not in a position to purchase controlling shares in the electricity company but was negotiating a possible reacquisition of a portion of the company within a year. “We cannot buy the shares. We do not have the money to buy them,” said the former Energy and Finance Minister Nazim Burke.

WRB Enterprises which owns 61.4% of the Grenada Electricity Company (GRENLEC) was requesting EC$100 million for Government to retake control of the company. Back then, Burke said that the Barbados-based Light & Power Holdings (LPH), which is a subsidiary of the Canadian firm Emera Inc, had “reached an understanding” with WRB and is close to completing a purchase agreement for the controlling shares in GRENLEC.

Ownership of the utility company is distributed among Grenada Private Power, Belize-based Eastern Caribbean Holdings (ECH), the National Insurance Scheme, the Government of Grenada and the general public.

The majority of WRB’s stake is held in subsidiary Grenada Private Power, which owns 50% of GRENLEC.

by Linda Straker

 

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.
Tags: electricitygrenleclinda strakerndcnnpsharesweb
Next Post
The Mighty Sparrow in a Coma

Sparrow Communicating by Blinks and Lifting His Hands

Comments 1

  1. kay patrickson says:
    1 year ago

    How do I go about buying grenlec shares?

    Reply

Comment on post Cancel reply

Please enter your valid email address.
Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

[bsa_pro_ad_space id=9 crop=”no” max_width=300]

© NOW Grenada. All Rights Reserved. Published by Aqua Design Inc. | Terms of Use | Privacy Policy

No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us

Copyright NOW Grenada

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings. Visit our Privacy Policy | Terms of Use.

Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Visit our Privacy Policy | Terms of Use.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.