The government announced today that it will sell-off the 10% of its share in the West Indies Oil Company to Antiguans and Barbudans, utilizing a crowd-funding mechanism.
The Cabinet decided that it will lower its shareholding in WIOC to 41% of the shares, down from 51% of the shares which it holds.
The shares to be sold would be deposited within a bank, or other financial institution, and caps would be placed on the amount which any single living person can purchase.
This approach would allow multiple owners of the WIOC shares to be sold, rather than permit a single purchaser to gobble-up all the shares that will be offered for sale.
WIOC is a very profitable business that yields a profit each year.
The money raised from the sale of the shares will be deposited with NAMCO for investment in other enterprises
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Another scheme?? Gaston Browne be careful that button on your jacket does not pop and hit someone in the eye.Come on man wear your size,LOL.On a more serious note.The money derived from the sales of shares would be deposited into a sinkhole or suck hole known as NYAMCO.Then your money in my opinion would disappear perhaps into a Barge Company.Where it would suck sand from all the beaches,islets and inlets from around Antigua,not Barbuda.WIOC had better be profitable.It is the only all petrol storage facility in the Nation.Where Gas is sold for many dollars a gallon.While the poor people of Antigua and Barbuda a ball murder all day.Selling 10% sounds great.Those who are in a financial position to buy shares.In my opinion are not the every day person.Whose monies are used for personal survival.
Price per share?
Before you sell shares wouldnt we need to see a prospectus, or financial statements or something to prove that this place is TRULY in good standing. WIOC might be profitable but its owned by another company (NYAMCO) that can fail. Buying shares in a company thats owned by the people already is just kinda weird.
excellent point PO those are things that must be in place before any sales can take place,
transparency is paramount.
awesome point PO…..need to know plans going forward and the numbers…..numbers ain’t lie!
Moving publuc money into a company that has all ministers as direcrors/shateholders sounds like the ultimate enrichment scheme. In the future we will learn that NYAMCO was never public and belong solely to the shareholders. By that time it would have already Nyam off millions of public funds to the benifit of poluticians and their cronies.
guy none ministers sit on the board eg whitfield harris, rasona davis crump
@Tenman:
When would both Robin and Melford walk away from NYAMCO Board? Why are they on the Board to begin with.They are in Cabinet.They are Constituency Representatives.They are both substantive Ministers.Do they need additional monies to be on NYAMCO Board.Greedy fat bastards.Money hungry do nothing for their Constituencies and Constituents.If Columbus came back to Antigua since 1493.He would say Robin’s Constituency looks the same as back then.Isn’t that a darn shame.
Guy the 2018 management reports for NAMCO, 2018, list board fees at 139,500 (on the Point Fm website). My recollection is there is some 6 members on said board which makes the average 1937.50 per month per person. Figure the board chairman and Deputy chair make a bit more than the average, but is this something really to make noise about? Though you may dislike this truth, fact is if this was made up of mostly private sector persons, the yearly total board fees paid would be at least double the 139k. As far as Robin’s constituency, will honestly tell I would love to get some lands in that area and later retire there. You really do a dishonesty to ancestors when you ignore how their sacrifices have positively impacted all areas including Robin’s constituency
Gaston please move the shares to Social Security, the ALP administration raid the scheme enough. It’s about time the pensioners get their over 500 million in outstanding contributions.
Knight this is a great idea .
Certainly it would be a safe investment for social security that will perform.
Why Gaston and his cronies keep putting our money into NYAMCO instead into the treasury department or the consolidation fund? This is another situation to march for.
Knight in Shining Armour and John
It shows that you Guys DO NOT know anything about INVESTMENTS. Please learn how to appreciate our Prime Minister. Kindly put all hatred and jealousies aside and see the upliftment of Antigua. I can promise that you will be criticizing for loooong time . Because all UPP CRONIES will be in opposition for a very long time. God bless Hon. Gaston Browne.
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