The president of Venezuela, Nicolás Maduro, announced that the country will offer through the local financial market the shares of several public companies, including oil, telecommunications and gas companies.
As detailed, the offer will begin on Monday, May 16 and will include up to 10% of the share package of the selected companiesfor which he asked national and international investors to be vigilant.
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“We are going to get between 5% and 10% of the shares of several public companies for national investment, fundamentally, or international,” he explained.
The head of the Venezuelan regime indicated that among the companies that will be offered are the Venezuelan National Telephone Company (CANTV), Movilnet (mobile telephony), among others. In addition, shares of oil and gas companies.
“We need capital for the development of all public companies, we need technology, we need new markets and we are going to move forward […] good news for the future of the country’s economy,” he added, pointing out that the measure corresponds to an order given by himself last year and that it took several months to materialize.
A good amount of the state companies that will be offered in the Venezuelan stock market were expropriated at the time by former President Hugo Chávez, reviewed Portfolio.
“I reiterate my call to all Venezuelans, let’s put pettiness aside, it’s time to work together and consolidate this first stage of growth of the real economy,” he concluded.
The list of state companies that would take a minimum percentage of shares to the stock market includes the “Guiana companies”: iron-steel and bauxite-aluminum.
– The Table (@latablablog) May 12, 2022
Maduro’s statement sheds light on the serious economic crisis and the desperation of the Venezuelan government to collect investment to put into operation a large number of companies that expropriated, went bankrupt and now they are inoperative.
In addition, it will be necessary to see in whose hands these companies end up. According to the research portal Armando Infoin recent years Maduro has opted for reprivatization, but favoring close allies in processes that are not very transparent.