Transfer GEBE shares on December 5

The Daily Herald writes that the official target date for the signing of deed to formalize the re-purchase of GEBE shares from Saba and St. Eustatius is December 5. If all goes as planned, St. Maarten will own 100 percent of GEBE as of this date. Minister responsible for Energy Affairs Maurice Lake confirmed this on Thursday. In an invited comment, Lake explained that the project manager Paul Marshall and his support team are following a plan of action outlining all steps that have to be taken to complete the process. “All items are subject to due diligence, to make sure that all legal, financial and social requirements and formalities are met,” the Minister said.
He added that electricity companies have to be set up by the public entities Saba (SEC Saba Electric Company NV) and St. Eustatius (STUCO Statia Utility Company NV). “Government and regulatory approvals and instructions have been given and Managing Board and Supervisory Board are busy finalizing the necessary resolutions and documentation needed. So far there are no reasons to doubt that the target date will not be met,” he said.