US-based company to sell majority shares in Grenada Electricity Company GRENLEC
The US-based company that owns the Grenada Electricity Company, GRENLEC, has taken steps to sell its majority shares in the entity.
The Grenadian Government says it has received notification of the proposed sale from WRB Enterprises, through its local company Grenada Private Power Limited, and has been given the first opportunity to acquire the shares.
GRENLEC was privatized in the early 1990s.
Under the terms of the divestment, the majority shareholder is required to give the Grenadian Government first preference to re-acquire the country’s sole light and power company.
A statement released by the Government says Prime Minister Keith Mitchell welcomed the announcement by WRB Enterprises.
It says the government is committed to facilitating the divestment of the power company, but wants an owner who understands the needs of the country and can ensure that electricity is offered at the most affordable costs.
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