Chinese firm buying gov’t ‘s GT&T shares for US$30M

TIMES INT'L

Head of the Presidential Secretariat, Dr Roger Luncheon said that government is selling its 20 percent shareholding in the Guyana Telephone and Telegraph (GT &T) Company for US$30 million to an Asian Chinese enterprise. The decision was made on Wednesday, April 4 during a Cabinet sitting.

Dr Luncheon said that the decision was taken following analysis of the trends of the stock markets. He said that consideration was also paid to the historical trends of the shares.

The party to which the shares are being sold had conducted due diligence with GT&T before the decision to sell was made, Dr Luncheon added.

The HPS assured that the privatization board did a comprehensive review of the sale before submitting the recommendation to the President who chairs Cabinet. The Chinese company will have to pay US$25 million upfront and the remaining US$5 will be paid over the next two years.

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