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.
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?
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.
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.
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.
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.