Globeleq completes sale of shares in St Lucia Electricity Services
Friday, July 2, 2004
HOUSTON, USA: Globeleq, the emerging markets
power company, announced Thursday that it recently completed the sale of the
approximately 45 percent of the issued ordinary shares in St. Lucia
Electricity Services Ltd (Lucelec) that it had managed for its shareholder,
CDC Group plc of the United Kingdom. The
shares were sold in three transactions. Twenty percent of the Lucelec shares
were sold in a private transaction in early 2004. A second transaction, also
for 20 percent, was concluded earlier in June with First Citizens Bank Limited
of Trinidad and Tobago. The sale of the final 4.6 percent of the shares of
Lucelec was executed earlier this week through the Eastern Caribbean Stock
Exchange at EC$13.90 (US$5.21) per share.
"Our efforts and resources are focused on operating the power companies in
which we have the majority of the shares or management responsibility and
expanding our regional businesses in Africa, the Americas and Asia," said
Robert Hart, CEO of Globeleq. "Lucelec is a well-run company but did not fit
our strategy of achieving majority ownership of the assets in which we
invest." Arun Sen, Globeleq Executive Vice
President for the Americas, added, "Our decision to divest CDC's position in
Lucelec was motivated by our desire to comply with changes in the electricity
law of St. Lucia that limit a single investor to ownership of 20 percent of
the shares in Lucelec." Further details of
the transactions were not released.
Back...
Most popular
articles: viewed, printed and e-mailed
Printable
version
| 
