• Latest
Buy more shares in GRENLEC

Government solidifying principles for divestment of Grenlec

2 months ago
More than 4,000 commercial loan deferrals in Grenada 

Mt Hartman investors to pay no less than US$55 million for land ownership

11 hours ago
National Youth Parliament to mark Commonwealth Day 2021

National Youth Parliament to mark Commonwealth Day 2021

13 hours ago
RGPF Reports 77% detection for 2014

Equipment seized from Victoria businessman

16 hours ago
Cruise ship cancellations

GoG committed to balancing development with environmental concerns

20 hours ago
Third Tissue Cultured Banana Pilot Project training

Third Tissue Cultured Banana Pilot Project training

1 day ago
Property Tax 2015

Taxes due for March 2021

1 day ago
President Maduro Invites Caricom Chairman to Mediate in Venezuela Dispute

Venezuela donates US$200,000 to Grenada for purchase of Covid-19 vaccines 

1 day ago
June 2013 CXC (CSEC) Summary

CXC strategy for 2021 regional summer examinations

2 days ago
This Day in History

This Day in History: 3 March 1795

2 days ago
Archaeological fieldwork completed at La Sagesse

Archaeological fieldwork completed at La Sagesse

2 days ago
Reopening of schools: Phased approach to accommodate CXC exams

Consumables for Schools Advisory

2 days ago
Grenada inaugurates its renovated Olympic Committee with support from Panam Sports

Press Statement from the Grenada Olympic Committee

2 days ago
NOW Grenada

Main Header Ad 468x60

booked.net
  • 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

Article Header

Government solidifying principles for divestment of Grenlec

15 January 2021
in Business, PRESS RELEASE
2 min. read
Grenlec – Queen’s Park Power Plant & Substation, St George – PicturesofGrenada.com
Share

The Government of Grenada is in the process of solidifying the principles that will guide the divestment of its majority shares in the newly repurchased Grenada Electricity Services Limited (Grenlec).

It is Government’s desire to see that as many locals as possible have an opportunity to invest in this national asset.

In a meeting with the representatives of the Grenada Trades Union Council (GTUC), a number of broad principles for divestment were discussed, chief of which were providing opportunities for Grenadians at home and abroad to purchase shares in the company, gradually transitioning Grenlec from a diesel-powered system to renewable energy, and engaging in consultations with relevant stakeholders as part of the divestment process.

Minister for Finance Hon. Gregory Bowen said the transition to renewable energy, will significantly reduce the cost of electricity, and spur economic growth, particularly in the manufacturing and hotel sectors, which will be of substantial benefit for all Grenadians.

The Government’s repurchase of the utility company is expected to create tremendous opportunities for locals to be trained in renewable energy, a sector with great potential for business development and job creation.

The government team consisting of Minister for Finance and Public Utilities Hon. Gregory Bowen, Minister for Foreign Affairs and International Business Hon. Oliver Joseph, and Permanent Secretary Patricia Clarke, facilitated what was mutually described as a very fruitful exchange with representatives of the GTUC.

The GTUC team comprising 7 members and led by its President, Senator Andre Lewis recommended that shares should be sold only to Grenadians. It is Government’s position that priority should be given to Grenadians but, in a liberalised environment, the GTUC’s recommendation will not be practical.

Both parties highlighted the importance of regular exchanges going forward.

GIS

 

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.

Tags: andre lewisgisgrenada trades union councilgrenlecgtuc
Next Post
Fisheries Division cautions re shark sightings in neighbouring islands

Fisheries Division cautions re shark sightings in neighbouring islands

Comments 5

  1. Winston Strachan says:
    2 months ago

    This is a big moment in the history of Grenada. Nationals and citizens are will be invited to partake in the ownership of one of our major public utility unfortunately; for us this website appears to be denying us the opportunity to express our view points on the subject matter. Freedom of speech is denied. Is that fair?

    Reply
  2. D Hart says:
    2 months ago

    Teachers didn’t cause the Grenlec situation your GOVERNMENT did. Get educated. Why are they now trying to get Grenadians to pay for Grenlec? You have paid a thousand times over because if the Government. Do you not realize that those millions of dollars that should have been repairing your island, building better health care and supporting the people of Grenada have now been spent on Grenlec?? Each person on this island and generations to come will have to pay this debt. Wake up.

    Reply
  3. Blacq says:
    2 months ago

    Seems like this public offering will be very beneficial for us Grenadians, knowing that we can invest and be owners of one of our major consumable resource. This is a positive move! Therefore, it’s now time for us to step up and reclaim what is ours as Grenadians..Enough complaining and start investing in your country. It seems like the current administration has been listening and now put the ball in the complainers`s court. The important question that should be on everybody’s mind is Cost Per Share..We are finally getting a second chance, so let’s not squander it.

    Reply
    • ADM says:
      2 months ago

      Blacq, you are almost there but still some distance away from my thinking. In regards to the public offering of shares to Grenadians being a good thing. Yes, and No. How many Grenadians do you think have the financial capacity to purchase shares? in my estimation 5%, and these are the individuals who are already financially stable. In regards to “Investment”, shares have a tenancy to increase as well as decrease in value, therefore there are no guarantee that your will get back what you initially invest,
      especially if you have political interference.

      Currently the shares are listed at 12$EC. and from rough calculation the government would have paid around 15.50EC$ as part of the buy back. I cannot see Government making these available at a premium. Therefore, I struggle to see a sale price much lower than 12EC$, the loss will be too great. Alternatively Grenlec can raise some cash by issuing more shares in order to purchase new generators and as such diluting the current value of each share in the company.

      Reply
  4. . says:
    2 months ago

    dont worry. not money from the world bank. not money from the chinese. not blood money. money that came from reserves that the teachers were begging for. little did they know that the Government would use the money they were begging for would be used to buy a major company from foreigners.

    they are also not to know that they are the ones that forced the government to sell out grenada in return for moneys to pay them. now the government knows they cannot do that. it is time that we tell the teachers to stop forcing our country into being sold out for money that they want.

    Reply

Comment on story Cancel reply

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.

Home Sidebar NP 300x250

© 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.

NOW Grenada
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.