RETAIL PRIVATIZATION.

The Government Privatization Unit invites investors to submit proposals for the purchase of Guyana Stores Ltd. (GSL), Guyana's leading retail business and a state-owned enterprise. The Government wishes to sell a 70% stake in the company, with the remaining shares to be allocated among employee-shareholders (7%), existing public shareholders (20%), and the Government (3%). These remaining Government shares are subsequently to be sold to employees:

GSL's operations include include a department store, a supermarket, a pharmacy, and a range of specialized outlets involved in sales and service of hardware, office equipment, electrical equipment, agricultural machinery, and motor vehicles. GSL also acts as agent for several overseas manufacturers; The work force consists of 598 employees as of October 31, 1998. The employees are represented by two unions, "with which GSL maintains cordial relations," says an American Embassy report. High priority is placed on training staff members of the store; The company holds real estate assets valued in excess of G$1.539 billion (US$9.4 million at current exchange rate of G$164=US$1). GSL has no long-term debts and expects that profits will improve substantially following the completion of the restructuring. GSL showed a before-tax profit of G$72.407 million in 1997. Potential investors must register with the Privatization Unit by February 12, 1999. Details: The Executive Secretary, Privatization Unit, 126 Barrack St., Kingston, Georgetown, Guyana, Tel: [phone] or 50319; Fax: [phone]; Email: [e-mail]. U.S. companies may also wish to contact the U.S. Embassy at 592-2-54900.