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Government sell C&W Grenada shares

Published:Monday | March 17, 2008 | 12:58 PM

The trade union, which represents workers at telecoms giant, Cable and Wireless Grenada, has described government’s decision to sell two-thirds of its shares in the company as a backward social step.

The Union refers to the move as an instrument for the unfair redistribution of wealth.

It said that with the shares going into the hands of individuals there is no guarantee that the majority of people will benefit.

Government currently owns 30 percent of the shares in Cable and Wireless Grenada, but has decided to reduce that to 10 percent in order to pay domestic and foreign debt.

The share offer began yesterday.