Trinidad and Tobago PM announces divestment of state-owned companies

Prime Minister Kamla Persad-Bissessar has announced plans to divest several state-owned entities, including National Quarries Ltd, Hilton Trinidad, Magdalena Grand Beach and Golf Resort, and the La Brea Industrial Development Company Limited (LABIDCO).

Speaking at a ceremony for a new Marriott Resort in Tobago, the Prime Minister argued that private-sector investment and management provide better long-term job protection and financial stability. She criticized the government's current role in managing hotels and industrial assets, suggesting that state ownership has led to significant losses.

To support her position, Persad-Bissessar cited the declining financial performance of Lake Asphalt of Trinidad and Tobago Ltd, noting a sharp drop in cash balances and asset values over the last decade. She also stated that National Quarries is currently operating at a loss, selling products below production costs. The government intends to issue requests for proposals (RFPs) for these entities shortly.