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AIRLINE PRIVATIZATION.

Government has invited investors to submit expressions of interest to purchase a majority stake and management control of Guyana Airways Corp. (GAC). Government intends to sell the remaining 10% to the employees of the airline.

GAC's only international routes at present are from Georgetown to New York and Toronto. For the last several years GAC has operated a single leased Boeing 757 for these routes. However, it has run into technical and financial difficulties in properly maintaining the aircraft; GAC serves a modest but reliable niche market with the potential for steady earnings. Guyana is a nation of 750,000 people. There are approximately 400,000 Guyanese-born persons living in New York City and about 350,000 in Toronto, Canada. Guyanese living abroad tend to maintain close ties to family remaining in Guyana. Smaller Guyanese populations exist in Miami and Minneapolis; GAC's work force consists of 435 employees (November 1998), but Government and airline officials acknowledge that this figure will need to be reduced to make the airline competitive. Requests for further information are due no later than February 16, 1999. Details: The Executive Secretary, Privatization Unit, 126 Barrack St., Kingston, Georgetown, Guyana; Tel: 592-2-50317 or 50319; Fax: 592-2-66426; Email: punit2@guyana.net.gy. U.S. firms may also call the American Embassy. Tel: 592-2-54900.
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Publication:Caribbean Update
Geographic Code:3GUYA
Date:Feb 1, 1999
Words:215
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