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FG states conditions for sale of shares in Transcorp, DISCOs, GENCOs to public

The Director General of the Bureau for Public Enterprises (BPE) Mr. Benjamin Dikki has said that the divestment of some government interests in businesses to private investors will depend on the profitability of such businesses in the long run, The Nation reports.

Dikki, said this when he spoke at the Annual General Meeting (AGM) of Transcorp Hilton Hotel Plc in Abuja.

According to the Federal Government, its shares in the Transcorp Hilton Hotel Plc and Electricity Distribution and Generation Companies (DISCOs and GENCOs), among others, will depend on the profits made by these companies.

Dikki told the shareholders that the decision to divest the government’s holdings in some enterprises was to protect the investment of ordinary shareholders who would buy the shares of such companies.

The Federal Government, Dikki said, would not want to expose potential shareholders and investors to unprofitable enterprises, considering that shareholders invested their hard-earned money.

In the case of the DISCOs and GENCOs, Dikki said they would be taken to the capital market when they show profitability so that shareholders are not exposed to unprofitable ventures that will make them lose their investments.

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