Neal and Massy to go public
by Stacey Davidson
THE Neal and Massy Group of Companies of which Associated Industries Limited (AINLIM) is a member, will soon go public.
This was disclosed by the group's Chief Executive Officer (CEO) and Chairman of AINLIM, Mr Deo Persaud, at the launching of the company's $12M Modern All Weather Spraybooth and Body Repair Facility, yesterday at its Ruimveldt location.
According to Persaud, Guyanese control only 7 per cent of the company's shares, while the majority is owned by the company's Trinidad head office. This fact prompted the company to increase its shares here.
"By going public, we feel the Guyanese public can invest in a solid company and one that has growth potential in Guyana," Persaud declared.
The company has also contributed $1.1B to the national treasury.
"We as a group, continue to play an important part in satisfying the needs of business and Guyanese," he indicated.
Neal and Massy will also be extending its Berbice location to the tune of $15M, and will be further enhancing operations at the main office at the cost of $10M.
Persaud explained that this facility, the only one of its kind in the country, was established after research revealed that this type of service was desperately needed to satisfy the needs of vehicle owners.
"It (the new facility) allows us, in addition to providing top class service, to save foreign exchange," Persaud assured.
Employees have been trained overseas to operate the state-of-the art facility.
Minister within the Ministry of Finance, Mr Saisnarine Kowlessar, in his address at the ceremony, said the Government is working feverishly to get the relevant legislation in place to enable the company to go public.
He lauded the efforts of the company in expanding its range of services to the Guyanese community, and described the venture as another example of private sector vibrancy.
"Today, the relationship between the Government and the private sector is at its best."
"Indeed, we have moved from a private sector that was miniaturised to one that is developing rapidly," he stated.
Minister Kowlessar referred to the United Nations World Investment Report, released in Guyana this week, which indicates that investment flows in Guyana for the period 1993 to 1999 amounted to more than $550M, a three-fold increase in foreign investment under the present administration.
Minister Kowlessar said the report showed more than $10M in foreign investment was made during the past two years, despite the difficulties faced by the country.
He added that the investment by the Neal and Massy Group of Companies provides avenues for the creation of employment opportunities for Guyanese, increased foreign exchange and the further development of the corporate business environment.
"I am confident that this new ultra Modern All Weather Spraybooth and Body Repair Facility, the first of its kind in Guyana, would create the kind of environment that can be compared with the more developed countries," he said.
Kowlessar promised that his Government would continue to support and work closely with the private sector to foster the growth potential of Guyana.
"We see this as the main agent for job creation and wealth creation. We will continue to work with the private sector to introduce the right environment that has seen business flowing."
Minister Kowlessar congratulated the company for its vision and strategic thinking in a highly competitive market.
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