Sunday 21st Jul 2024
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Ministry of Finance

Government Shares from Tourism Related Joint-Venture Companies to be Sold

Government shares from joint-venture companies in tourism with lagoons and islands up for resort development can now be sold on the President's advisory. Ministry of Finance has released a policy that state that shares of such companies can be sold under the President's advisory by the Finance Minister.
Under this policy, any company that was formed before the 10th amendment brought to the Tourism Act can be sold. The company also cannot be fully state-owned and apart from the government, an independent shareholder has to be a part of it. The policy also states that the purpose of the company's purpose and business should also specifically be resort development.
The companies also have to inform the privatization board if they have not sold off their government shares and the transaction has to be carried out monitored and according to the Privatisation and Corporatisation Act.
Shares from such joint-venture companies will be evaluated based on the size of the lagoon leased for resort development and would be priced at five US Dollars per percentage of government shares.
Investors can choose to pay in a lump sum all at once or among a period not longer than 18 months according to the policy. They will have 15 days to carry out necessities for ownership change according to the policy as well.