Government to sell Stockfeeds’ shares

– Robert Badal only response to request for proposal

– Cabinet approved sale of shares as proposed and authorised NICIL to complete the sale transaction

DPI, Guyana, Friday, November 30, 2018

The government has agreed to sell its seven per cent interests in the Guyana Stockfeeds Limited (GSL). This was disclosed at today’s post-Cabinet press briefing by Minister of State, Joseph Harmon.

Minister of State, Joseph Harmon

According to the minister, the offer to purchase government’s holdings of 5,437 ordinary shares at $25 per share, by Robert Badal, CEO of the Guyana Pegasus was the only response to two separate requests for proposals; the last being published over the period October 29 to December 7, 2017.

“Cabinet approved the sale of the shares as proposed and authorised NICIL to complete the sale transaction,” Minister Harmon said.

Following the administration’s advertisements in 2017, Opposition Leader Bharrat Jagdeo had accused the Coalition government of being “in bed” with Badal who had secured a court order validating the reduction of government’s shares in GSL from 38 per cent to the current seven per cent. The reduction, which occurred under the former PPP-administration, was first nullified by an order of the court which was later challenged and upheld by the High Court.

In response to the Opposition Leader’s claims, Badal, the majority shareholder in GSL had said, Bharrat Jagdeo is seeking to – “scheme, lie and cause mischief … my business is an open market; it is growing. My business doesn’t depend on Government contracts. I receive no favours from the current government. My business is competitive, and it is serving the economy of Guyana significantly.”

National Industrial and Commercial Investments Limited (NICIL) serves as a holding company and carries out the role as a custodian and overseer of Government’s shares and interests in subsidiaries and affiliates various entities.

Kidackie Amsterdam

Image by Department of Public Information

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