Panama: Sale of C & W Shares Halted

President Martinelli suspended special sessions at the National Assembly, in which there were controversial discussions, among them the sale of the State's shares in Cable & Wireless.

Wednesday, June 20, 2012

The special meetings were held initially to discuss the proposed creation of a Savings Fund of Panama, the Guardian Angel program and modifications to the Penal Code.

Later on subjects were included which were opposed by various political, social and business sectors, as they included expanding the number of judges in the Sala V, the sale of shares in Cable & Wireless, the fiscal regime for the renovation of Casco Antiguo, special arrangements for the operation of multinational companies in Panama, and finally, a system of incentives for the establishment of generating electricity from natural gas, which included items related to the sale of state shares in energy companies.

In announcing the suspension of extraordinary sessions, Martinelli said that all of these proposals will be sent to the public discussion environment called "Concertación Nacional" for consideration.



More on this topic

Panama: International Interest in Electricity Shares

May 2013

Companies from Colombia, Chile and Spain have been visited by officials of Asep as part of the bidding process for the purchase of 51% shares of Edemet, Ensa and Edechi.

"In March, during a trip to Bogota, seven electricity and gas distribution companies expressed their interest and in April meetings were held with representatives of seven other companies based in Spain.

Panama says NO to the Sale of State Shares and Land

June 2012

The Panamanian National Coordination Council has rejected the sale of shares in Cable & Wireless-owned by the state and land in the Free Zone of Colon and Amador.

The meeting was attended by Minister of Economy, Frank De Lima who explained the government's position in regard to the sale of the shares.

Panama Sells Electricity Shares

June 2012

The draft law which changes the regulatory framework for the provision of electricity includes a proposal to change the way the state sells its investments in in utility companies.

Manuel Brea, in his opinion piece in Prensa.com, detailed arguments supporting the Panamanian government’s justification for the intention to sell its stake, "a) Avoiding conflict of interest, because the State is a partner and regulator at the same time. The State, as a regulator alone, can better achieve its social purpose. b) Encouraging the development of the local securities market, in order to make new investment options available to the public."

5% of Cable & Wireless Shares

June 2012

The company is aiming to become the majority shareholder of the phone corporation by buying 5% of the shares being sold by the Panamanian government.

The partners of Cable & Wireless (C & W) are on the lookout for a possible sale of the government's shares in the company (49%), in order to acquire 5% more and thus become controlling shareholders with 54% of the company.

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