The Guyana Postal and Telecommunications Workers’ Union (GPTWU) has indicated on behalf of the employees of the Guyana Telephone and Telegraph Company (GT&T) an interest to purchase Government’s 20 per cent shares held in GT&T.According to the Union, the workers who believe that they must be given the first preference to purchase the said shares, have since registered with the Privatisation Unit(PU) , agent for National Industrial and Commercial Investments Limited (NICIL) and have uplifted the Request for Proposals (REP) documents.“It is the firm view of the workers of the Company that the shares must be made available to them.”According to the Union, it is therefore now being affirmed that the employees have started the process in acquiring the shares offered for sale by the Government.The Guyana Government has for a while now signaled its intention to sell its 20 per cent shares owned in the Guyana Telephone and Telegraph (GT&T).The Privatisation Unit, as agent for the National Industrial and Commercial Investments Limited/Government of Guyana, had requested proposals from firms or individuals interested in buying the shares ‘en bloc.’In the invitation for proposals as advertised by the Privatisation Unit, it is pointed out that interested persons must register with that entity after payment of a $15,
Cheap Stitched Jerseys,000 fee.Once this requirement is met, the interested party will be provided with a Request For Proposal (RFP) document; An Information Memorandum containing general information of the company; a copy of the advertisement (requesting proposal); and a draft sale agreement.In the last line of the advertisement, in a shaded block, it states,
Cheap Jerseys China, “GOG/PU/NICIL is not bound to accept the highest offer and/or proposal.”GT&T’s parent company has already rejected the offer to buy Government’s 20 per cent shares in the telephone company.Atlantic Tele-Network (ATN) at its recent Board of Directors meeting, declined to purchase the shares.Since 1991, the minority shareholder received zero dividend payment until the year 2000 and since then, the annual amount has fluctuated from US$1M to US$4M,
Cheap Jerseys Free Shipping, while the company has been reporting skyrocketing profits over the same time.The Government of Guyana had placed the shares on the market. According to a senior official, this is as a result of the administration’s own fault.Another senior official told this newspaper that the government created the conditions that the investors find unacceptable.The official suggested that it was akin to advertising a house for sale one day and the following day tear down the fence,
Wholesale China Jerseys, and at a subsequent date damage the wall of the building.According to the official,
Cheap Jerseys Outlet, the bringing in of a fibre optic cable by Government and the liberalisation of the sector among other moves, have created the conditions that are warding off investors.Many in the political circles have opined that the government is deliberately creating the conditions so that a ‘sweetheart deal’ could be offered to a favoured investor.In 2008, the government collected $1.5B in taxes from the company and $265M in dividends.The Office of the President subsequently stated that the decision to dispose of the minority shareholding was based on the fact that the government’s directors have consistently been prevented from exercising any influence whatsoever on the affairs of the company.Head of the Privatisation Unit, Winston Brassington, during an interview with this newspaper on May 8 last, stated that 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,
Authentic NHL Jerseys,” Brassington had said.
