Govt. offers 50% of state power company for US$30mn

Bnamericas Published: Thursday, April 22, 2004
Guyana's government is inviting financial institutions to form a consortium to take up a 50% equity stake in state power company Guyana Power & Light (GPL) for US$30mn, payable over two years, the Starbroek News reported. The government estimates its equity in GPL at US$45mn. The government describes the opportunity as a "relatively safe blue-chip investment" that guarantees a minimum return of treasury bill plus 3%, to a maximum of 15% a year. The deal would not include any management agreements, and the government would retain the right to name the company's chairman from names submitted by the consortium. GPL turned a profit in 2003 of 77mn Guyana dollars (US$430,000) after losses of 119mn GYD in 2001 and 149mn GYD in 2000, the report said.

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