Govt To sell Ten Percent of Shares In WIOC to Nationals

The Cabinet has announced that it will lower its shareholding in WIOC to 41% of the shares, down from 51% of the shares which it holds. It will sell-off the 10% in the WIOC to Antiguans and Barbudans, utilizing a crowd-funding mechanism. The shares to be sold would be deposited within a bank, or other financial institutions, and caps would be placed on the amount which any single living person can purchase. This approach would allow multiple owners of the WIOC shares to be sold, rather than permit a single purchaser to gobble-up all the shares that will be offered for sale. WIOC is a very profitable business that yields a profit each year. (The UPP administration, as at June 2014, owed more than $89 million dollars in fuel costs to the WIOC. The Gaston Browne administration not only eliminated the debt owed by the Government, but purchased the assets of WIOC.) The money raised from the sale of the shares will be deposited with NAMCO for investment in other enterprises.

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