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{Info on A-Infos}
(en) SALE OF PUERTO RICO TELEPHONE COMPANY ANNOUNCED
From
Jose Fortuno <jfortuno@icepr.com>
Date
Fri, 29 May 98 01:19:01 -0000
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A - I N F O S N E W S S E R V I C E
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Subject: (en) SALE OF PUERTO RICO TELEPHONE COMPANY ANNOUNCED
Sent: 5/29/98 12:53 AM
To: jfortuno@icepr.com
THE SALE OF THE PUERTO RICO TELEPHONE COMPANY IS ANNOUNCED
by José R. Fortuño Candelas
for a-infos, 5-28-98
(Translated from Castillian original by the author)
The Government of Puerto Rico announced the sale of the telephone company. The government, after more than a year of obscure negotiations, accepted the offer by GTE Corp., in joint venture with Banco Popular, the main bank in the country, and a group of investors.
The sale of the company has had the opposition of all the telephone workers unions and the Island workers. A national one-day strike on past October 1 saw 100,000 workers marching to San Juan opposing the sale. A survey made public last week by the main newspaper, El Nuevo Día, shows that 65% of the population opposes this sale.
The telephone company's value was established as 2,250 million dollars. However, GTE will only pay $300 million and Banco Popular and the group of investors will pay another $75 million. Together, they'll get 50% plus one of the shares. The debt will be refinanced immediately. GTE will get control of the management and 5 of the 9 member Board of Directors.
In this way, investing 13.33% of its value, the international consortium controls a company that ranks 12 among telephone companies under US flag.
This sale is the main point of the privatization program being implemented by the government of Pedro Rosselló. Although the sale has to be approved by the legislature, this is almost sure due to the easy majority of his party.
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