News

Shares in Cable and Wireless Grenada go on sale

 The Grenada government has launched the sale of the majority of its shares in telecommunications giant, Cable and Wireless, offering them at a lower price than originally announced.
Communications Minister Gregory Bowen, who also indicated the shares would be offered in two tranches, told Grenadians they could now buy the shares at EC$20 (US$7.40) each rather than the original price of EC$12.50 (US$4.62) per share.
The government is selling 20 per cent of its 30 per cent holding which is equivalent to eight million shares in the telecoms company. The remaining 10 per cent will see government retaining four million shares of the Cable and Wireless Grenada Limited which is the leading telecommunications provider in the island.
"This special price is intended to ensure that as many Grenadians as possible have the opportunity to participate in the divestment programme," Mr Bowen said in a radio broadcast.
"This first four million will be sold until May 4 and if during that time the shares are oversubscribed, the excess will be allotted out of the second tranche at a price to be determined before the remainder is put on sale," he added.
Grenadians both locally and abroad are entitled to participate in the divestment programme.
"The sale of shares in one of the largest industrial companies in Grenada provides an excellent opportunity to the Grenadian public to hedge their savings against inflation," the government said in a release when it first announced the sale.
"Historically, the basic share value has increased over time. Grenadian investors should also experience a rise in income, as the dividends paid by Cable & Wireless Grenada have been consistently higher than interest paid on savings and time deposits. Government expects this trend to continue," it added
Prime Minister Dr. Keith Mitchell said the government was pleased "to give Grenadians the opportunity to purchase shares in Cable & Wireless and so maximise their income and enhance their capital"
Source: caribbean360.com

admin wrote on March 26, 2008 10:00 PM from Grenada

Comments