Posted on

Government to sell remaining shares in electricity company


Government to sell remaining shares in electricity company

Social Share

THE VALLEY, Anguilla – The Government of Anguilla says it hopes to collect EC$26 million from the sale of its 40 per cent share in the Anguilla Electricity Company Limited (ANGLEC).

In a recent interview on local radio, Permanent Secretary in the Ministry of Finance, Dr Aidan Harrigan, said the sale of shares would help the government meet its financial obligations.

“This would have been also highlighted by the UK Minister for the Overseas Territories in her response for her approval of the 2017 budget; and basically what Government is going to do, is to establish a sinking fund to help to repay its debts that have accumulated over the years,” Harrigan stated. 

“The 26 million that Government is looking to raise, however that shakes out, Anguillian ownership would still be at least 51 per cent of the company. So, however it goes, the company ANGLEC would remain Anguillian-owned in terms of the majority of the share ownership.”

Harrigan also said that the Government is willing to open up the shares sale to regional investors, individuals and entities.

According to the Permanent Secretary Economic Development, Larry Franklin, the move is a positive one as several countries in the region including the Turks and Caicos Islands, Jamaica, Barbados and St Lucia have “to some extent, divested their shares outside of government entities, so I think it will be a positive move for us in that regard.” (CMC)