Principal Owner
Property Holdings Inc is a company that was incorporated on October 5, 1999 for the specific purpose of managing or disposing of property owned by Guyana Stores Limited (GSL). The principal owner of PHI at the time of its creation was GSL, which itself was the property of the Government of Guyana and was under the control of the National Industrial and Commercial Investments Limited (NICIL). GSL then transferred 24 of what was described as “non-core properties” to PHI, the value of which was used to capitalize PHI. After the property had been transferred, the government then sold GSL. The sale of GSL removed it from the ownership of PHI. NICIL then became the majority shareholder with approximately 74 percent of the shares while other investors became the minority shareholders with about 26 percent of the shares. This relationship between the public and private sector makes this a public-private partnership.
No Intention of taking Risk
Currently, PHI holds several commercial properties which are located in Georgetown, Golden Grove on the East Coast of Demerara, New Amsterdam in East Berbice and Lima in the Essequibo. Most of the properties, about 80 percent, are located in Georgetown and some of the properties have buildings on them. The company shows no sign of growth and the
