Venezuela will begin to offer from Monday the sale of shares of state companiesannounced this Wednesday the dictator Nicolás Maduro in an attempt to capitalize companies, hit by the crisis and the lack of investment.
“Next Monday it will start in the stock markets of Venezuela (…) We are going to put up -for sale- between 5% and 10% of the shares of several public companies for national investment, fundamentally, or international and you will be able to become an investor in CANTV, Movilnet, the Petrochemicals, all the mixed companies, the oil, the gas companies,” Maduro said in a speech on the state channel. VTV.
The person in charge of the Chavista regime assured that The measure will come into force because companies need “capital” for their development. “We need technology, we need new markets and we are going to move forward.”
Since last year, some NGOs such as Transparencia Venezuela reported that the regime was in negotiations with private companies to deliver state companies.
“The Venezuelan government of Nicolás Maduro, in an apparent disassociation with the so-called socialism of the 21st century, he began to hand over the helm of state companies to some private”, said the NGO in December following identifying 33 cases linked to the agri-food, tourism and manufacturing sectors.
But none of these cases were confirmed or denied by the regime, which was already receiving criticism, due to the fact that several of the state companies were expropriated during the government of the late President Hugo Chávez (1999-2013).
The Venezuelan government, which since Chavez’s mandate has implemented controls on prices, on the foreign exchange market and nationalized companies, began to relax its measures since 2018 amid the height of the crisis characterized by widespread shortages, hyperinflation and failure of public services.
“We are going to expand the stock package so that investors can go and get involved. We need capital for the development of public companies, we need technology,” Maduro specified.
The economic firms pointed out that the severity of the crisis had to do with “wrong” policies of the Chávez and Maduro governments.
But now Maduro is “open to listening to new proposals, ideas and visions for Venezuela to recover.”
“I reiterate my call to all Venezuelans, let’s put pettiness aside, it’s time to work together and consolidate this first stage of growth of the real economy,” he said on Twitter minutes following finishing his speech.
(With information from AFP)
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