Barbados scaling down on LIAT

BARBADOS IS REDUCING its financial involvement in LIAT.

Government will be giving up some of the major shareholding it has held since the regional airline’s inception 45 years ago, Prime Minister Mia Mottley revealed in a Ministerial Statement last night.

She told the House of Assembly Barbados remained committed to the cash-strapped airline, but would be scaling back from its current share value of 49.4 per cent.

A negotiating team will decide the eventual amount of shares to be offered to the government of Antigua and Barbuda, where LIAT is headquartered.

Mottley said the time had come for Barbados to “take a step back” from its current part-ownership due to LIAT’s flawed business model.