Persons who purchased some of government shares with telecommunications giant, Cable and Wireless earlier this year will soon receive some form of correspondence regarding their investment.
This was disclosed at a press conference by Permanent Secretary in the Ministry of Finance, Timothy Antoine in an exclusive interview with GRENADA TODAY.
The shares were put by the former New National Party (NNP) government of ex-Prime Minister, Dr. Keith Mitchell on the local market at a cost of $12.50 each.
Antoine told this newspaper that over fifteen hundred Grenadians purchased shares and that government, through the Ministry of Finance sent the names of those persons to Cable and Wireless which was then required to send them onto the Eastern Caribbean Stock Exchange (ECSE).
"I am advised as of last week those names have since been transferred from Cable and Wireless (Grenada) to the Eastern Caribbean Stock Exchange", he said.
"I expect very shortly that persons who purchased shares in Cable and Wireless will receive a note from the Eastern Caribbean Stock Exchange," he added.
Antoine described as regrettable the fact that it has taken so long for potential shareholders to receive some form of correspondence on their transaction.
He said he received information that Cable and Wireless was short-staffed hence the reason for the delay. "I expect that the Ministry of Finance will make an announcement very shortly on the timing of the information to the investors from the Stock Exchange," he said.
According to the Permanent Secretary, the new Cabinet of Prime Minister Tillman Thomas has not yet decided whether to proceed or not with the sale of the second phase of shares.
Antoine said the Ministry of Finance will soon present to Cabinet an update, and at that time the new administration will have to make a decision on whether it wants to continue with the second phase of the sale of shares.
Speculation was rife that the Mitchell government offered the shares to raise cash for the July 8 election campaign.
The NNP was booted out of office when Thomas' NDC captured 11 of the fifteen seats in the poll.
