| PNCR to approach House to block sale |
| Wednesday, 15 July 2009 | |
 Govt. shares in GT&T…Leader of the People’s National Congress Reform (PNCR), Robert Corbin, has said that his party will be moving to the National Assembly in an attempt to have the government reverse its decision to sell its shares in the Guyana Telephone and Telegraph Company (GT&T). The intended sale of the shares by the government has raised the eyebrows of the party leader who is of the opinion that the sale would not be in the best interest of the country given that the shares represent a steady source of income for the country. This is his position given the current economic crisis that is affecting the world over, especially developing country. “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 Leader did say that the party was going to undertake an investigation to determine why the Government would want to sell a source of revenue. 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 Unit, Winston Brassington, at the time, told Kaieteur News that the announcement was made at the GT&T Annual General Meeting. The initial offer of sale was made to GT&T’s parent company, Atlantic Tele-Network Inc. 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) had 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 has since refused to buy the shares. GT&T’s profit after tax was $4B in 2008. |
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