CEO Walters indicated that is a critical step by the local Government to ensure that the local economy receives valuable cash injection to facilitate growth.
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St. Kitts and Nevis' Prime Minister Hon. Dr. Denzil L. Douglas(L) looks on as Cable & Wireless (St. Kitts & Nevis Limited) CEO, Ms. Patricia Walters sign the Agreement
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Ms. Walters also noted that the completed transaction also underscores her company’s pledge to have a longstanding partnership with the local Government. She was also quite optimistic that such a partnership will be a catalyst for major economic growth.
Prime Minister of the Federation, Dr. the Hon. Denzil Douglas, said the sale of the Government’s equity interest in Cable and Wireless is a clear indication of his Government’s privatization strategy which is designed to complement the developmental process.
The Prime Minister noted that his Government is actively pursuing the privatization of the Central Marketing Corporation (CEMACO, the Quarry Operations and the Development Bank, in addition to selling its shares in The Cable and the Electricity Service.
“I am pleased to announce that we are making steady progress in respect to the privatization of most of the assets and enterprises mentioned in the Throne Speech of 2004,” he noted.
Consultants have already been engaged with respect to the commercialization of the Electricity Services, while competitive bids for the purchase of CEMACO have been invited.
Dr. Douglas also disclosed that his Government is presently in discussions with the largest minority shareholder of The Cable with respect to the privatization of the Government’s interest in the company.
“The transaction between my Government and Cable and Wireless is consistent with my Government’s strong commitment to ensuring that our people are truly empowered through the ownership of critical assets in the Federation,” he concluded.
The listing of the shares on the ECSE is expected within 12 months.
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