Power play by government
Miami Herald
March 26, 1998
GEORGETOWN -- The government says it will choose a new partner for the
state-owned power company June 30, five months after a Canadian firm canceled a
deal because of political unrest.
Dozens of companies, including three American firms, have expressed interest in
buying a 50 percent stake in the Guyana Electric Corp., the sole provider of
electricity in the South American country of 733,000 people. The buyer will also get
contracts to manage the utility.
Saskatchewan Power Commercial of Canada pulled out of a $22.5 million takeover
in January because of riots that followed the Dec. 15 elections. An international
team of election experts began an audit of the polls last week in an attempt to stem
further unrest.
GEORGETOWN -- A KFC restaurant franchise is shipping back more than
100,000 pounds of U.S. chicken that health officials in Guyana declared too old to
use. Guyanese inspectors said the chicken carried a September 1997 expiration date.
GEORGETOWN -- The ruling People's Progressive Party/CIVIC has ruled out a
devaluation of the Guyanese dollar, which has slid to 145 per U.S. dollar. The party
said in a statement that there is no need for anyone to pay a premium for foreign
currency and there is no point for the private sector, exchange houses and
commercial banks to hoard foreign currency because the Guyana dollar will not be
devalued.
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