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Grenlec to continue as private company despite being repurchased by gov't

Grenada's light and power company monopoly, Grenlec, will continue to operate as a private company, although the government has repurchased the majority shares owned by WRB Enterprises.
 
Through a US$63 million settlement, the government regained control of the 50% shareholding sold to WRB Enterprises in 1994.
 
In addition, the Grenadian government has also acquired the 11.6% shares in the Grenada Private Power Limited – a WRB-affiliated company.
 
The government says that it has approached the World Bank and the International Renewable Energy Agency to procure the services of a world-class management company to operate the utility and facilitate the divestment of the shares through a public offering.
 


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