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ATN considers buying Govt shares in GT&T

May 27, 2009 News

Atlantic Tele-Network (ATN) will discuss the possible buyout of the government’s 20 percent shares in the Guyana Telephone and Telegraph Company at its next board meeting.
In a statement posted on its website yesterday, the company said that the announcement by the Government of Guyana that it is offering Atlantic Tele-Network (ATN) ‘first refusal’ on a buyout of its 20 percent shares in GT&T will be discussed.
On May 7 last, Government offered to sell its 20 percent shares.
Chairman of the Privatisation Union, Winston Brassington, made the announcement following the company’s Annual General meeting.
The initial offer of sale is being offered to GT&T’s parent company Atlantic Tele-Network.
“We have offered to sell it to ATN and if ATN does not want to buy it or if we cannot agree on a price then we reserve the right to sell it to whoever we want,” Brassington had said.
According to the Head of the Privatization Unit, the telephone company’s financial status is excellent making it a prime time to sell its shares.
In his announcement he stressed that the administration will not ‘give away’ or sell its share ‘cheaply.’
GT&T’s profit after tax was $4B in 2008.

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