BASSETERRE, St. Kitts - THE Government of National Unity is still engaged in discussions at the Cabinet level on the way forward in relation to shares it has in several entities in St. Kitts.
One of those entities which the Government is the majority shareholder is The Cable (St. Kitts), where technicians of that company were recently engaged in industrial action [sit-in] over wages and salary increases.
Some of that entity’s employees have claimed that they had no salary increase close to nine years, but in November 2016 the $800 fees of members of the Board of Directors was allegedly increased by 50%.
The Government, while in opposition, had indicated that it would sell its shares in that and other private companies. But, according to Attorney-General, the Hon. Vincent Byron Jr., they are having discussions on that topic at the highest level.
“The Government in our manifesto, as you would have read, had indicated its desire to divest its shares from commercial activities. We have been meeting and having discussions at Cabinet level, because this is something that can be done.”
The Minister of Justice however indicated that some of the companies in which the Government has majority shares could either have a negative or positive economic impact on the Federation if sold. Therefore, the Government is being “careful in how that divestment occurs”.
“So we have made that commitment to do certain amounts of divestment, but at the same time we have to be very careful and study what impact it can have on our future development.”
The Government which is majority shareholder - With 69% shares, the Government could acquire the entire operation of The Cable, as media reports indicated that the founder and Manager, Bill Ewing, is willing to sell his 30% shares to the Government.
According to a recent WINN FM report, the company is facing mounting cost to service various channels from the United States and also stiff competition from online streaming sites.
The report also indicated that telecommunication giant Digicel has made an offer to purchase The Cable.
