ROSEAU, Dominica—The Dominica government says it is examining the possibility of introducing new policies that would prevent foreign entities selling off their shares in essential service companies without the approval of local regulators and authorities.
Prime Minister Roosevelt Skerrit said he was disappointed that the United States-based WRB Enterprises Inc sold its shares in the Dominica Dominica Electricity Services Ltd (DOMLEC) to the Barbados-based Light and Power Holdings Ltd (LPH) allowing it to have controlling interest in the power company.
DOMLEC is the sole electric utility for Dominica, serving 34,000 customers. WRB owns 52 per cent of DOMLEC, with 21 per cent held by Dominica Social Security Scheme and the remainder by other investors. Prime Minister Skerrit said his government “ is of the firm view that WRB should have in fact informed the government of its intention to dispose of its shares in DOMLEC and giving the government and people of Dominica the opportunity for the right of first refusal.
“I believe in the future the government would want to look at putting systems in place when such important utilities are being disposed of by majority holders that they would have to get the approval of the government of Dominica. “We believe that electricity and energy are very important aspect of our own national security and also the future development of the country”. LPH holds a minority interest in St Lucia Electricity Services.
CANA
