The Government has sold its 20% shares in the Guyana Telephone & Telegraph company to a Chinese company for US$30M ($6B), Cabinet Secretary Dr Roger Luncheon announced yesterday.
Dr Luncheon, who said that the decision to sell was taken at Wednesday’s Cabinet meeting, said the company conducted its due diligence and decided to purchase the shares. The Government will receive US$25M up front and the remaining US$5M will be paid over the next five years. Dr Luncheon was unable to provide the name of the company.
Asked what motivated the sale, Dr Luncheon said that US$30M is a lot of money even though the government was
