Latest update November 8th, 2024 1:00 AM
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Lots of red tape in Guyana- says Movietowne Chairman
Trinidad (Trinidad Guardian) – Background work has been completed in preparation for the listing of MovieTowne on the T&T Stock Exchange (TTSE).
Chairman Derek Chin, in confirming this yesterday, said a 30 percent stake is likely to be offered to the public as the company seeks capital to soak up debt incurred in starting up its Guyana operations.
Movietowne Chairman, Derek Chin
The Turkeyen Complex that is suppose to open later this year.
“I won’t sell the whole company, I would sell maybe 30 percent and retain the majority. It will help me to pay off some of the bank debt and minimise my interests,” he said.
Chin, who wants to build on the strength of the MovieTowne brand, said he is also exploring prospects for expanding the multiplex and entertainment chain into St Lucia and Panama, as well as entering some of the markets where Caribbean Cinemas has a presence.
He spoke at a session hosted by Youth Business T&T (YBTT) at the Carousel Room. MovieTowne, Port-of-Spain, where he offered tips and advice for business success to close to 75 entrepreneurs and secondary school students.
Recounting his experience getting into the Guyana market, Chin said there had been a lot of red tape involved in getting things done.
“Sometimes in business, we have to make things happen. They are not as business oriented as we are in Trinidad and Tobago. They are bogged down with a lot of bureaucracy,” he said.
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