Leader of the People’s National Congress Reform (PNCR), Robert Corbin, is questioning the rational behind the government’s decision to sell its 20 per cent shares in the Guyana Telephone and Telephone Company.
Corbin said that it is questionable that the government, especially in the current economic downturn, globally, would want to sell a source of significant revenue.
According to Corbin, one such reason could very well be, that it is resorting to transactions aimed at benefiting friends and would be engaging in deals that would not be transparent.
The PNCR and main Opposition Leader did say that the party was going to undertake an investigation as to why the Government would want to sell a source of a revenue earner.
On May 7, last it was announced that government has offered to sell its 20 percent shares in the Guyana Telephone and Telegraph Company (GT&T).
Chairman of the Privatisation Union, Winston Brassington at the time, told Kaieteur News that the announcement was made at the company’s Annual General Meeting, yesterday.
The initial offer of sale, he said, is being made to GT&T’s parent company, Atlantic Tele-Network Inc.
“We have offered to sell it to ATN, and if ATN does not want to buy it or if we cannot agree on a price, then we reserve the right to sell it to whoever we want.”
According to the Head of the Privatisation Unit, the telephone company’s financial status is excellent, making it a prime time to sell its shares.
“We are hoping to get a very good value…you value your share based on how much money you can make…I do not believe that any other company in Guyana is doing as well as GT&T,” Brassington added.
He stressed that the administration will not ‘give away’ or sell its shares ‘cheaply.’
Atlantic Tele-Network (ATN) hand indicated that it would discuss the possible buyout of the government’s 20 percent shares in the Guyana Telephone and Telegraph Company at its next board meeting.
The information was disclosed by ATN a statement posted on its website on May 26.
The company said, that the announcement by the Government of Guyana that it is offering Atlantic Tele-Network (ATN) ‘first refusal’ on a buyout of its 20 percent shares in GT&T would be discussed. GT&T’s profit after tax was $4B in 2008.
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