Another sale in the wings

Another state-owned asset may soon be up for sale as government seeks to address the island’s fiscal deficit and falling foreign reserves.

“Cabinet will shortly be asked to contemplate the sign off of another viable and highly saleable commercial asset for which the government has already received no less than twelve very serious and lucrative, commendable offers, and it is expected that if that is approved by the Cabinet, it would earn in excess of US$100 million during the course of this calendar year and over the course of the financial year,” disclosed Finance Minister Chris Sinckler.

Leading off the Estimates of Revenue and Expenditure debate on in the Lower House yesterday morning, he said that half of these funds would be added to government’s coffers, but remained mum on which asset would carry the ‘For Sale’ sign.

“That is likely to bring, if approved, a possible net income to the government of Barbados of BDS$100 million. Provision for this has been made in the Estimates and we will be announcing very shortly what that particular asset is,” he added.

He also gave an update on the proposed sale of the Barbados National Terminal Company Limited to petroleum company, SOL Group, raising some concerns that while this was still being weighed before the Fair Trading Commission, a snag was being created.

“There seems to be an effort or an attempt by people, and I am happy to know that the Opposition is not a part of it or in anyway engaged in it, to scuttle and block that particular transaction, for whatever reason, I cannot imagine, but we will wait and see how it goes,” he stressed. (JMB)