The four-year old National Democratic Congress (NDC) Government of Prime Minister Tillman Thomas is currently considering its options in purchasing the shares in the lone electricity company, that is owned by the Florida-based WRB Enterprises.
Secretary to the Cabinet Gemma Bain-Thomas who addressed members of the media last week Thursday at a post Cabinet Meeting about the issue said government has been informed by Grenada Private Power (GPP) Company that it would be selling its fifty-one percent majority shares in the Grenada Electricity Services Limited (Grenlec) that is valued at about one hundred million dollars.
Bain-Thomas said government has 30 days that comes to an end on December 26 by which to make a final determination.
Notice of WRB’s intention to sell the shares was given to government by letter dated November 6.
Grenlec was privatized in 1994 by the previous NDC Government of Sir Nicholas Brathwaite.
Bain-Thomas said should government be unable to repurchase the shares, GPP can proceed to offer it to another interest.
WRB has already sold its shares in the Dominica Electricity Services Limited, and is also expected to sell it’s shares in the electricity company in St. Lucia.
The Grenada Government currently owns ten percent shares in Grenlec.
Under the share purchase agreement that was signed in 1994, once WRB decides to sell its shares to another private company government has the first option.