In a break with its socialist-communist model, the Venezuelan government intends to allow private investment to a number of vital state-owned companies, in an attempt to meet the need for capital for enterprises with a very low level of investment.
The government intends to sell between 5% and 10% of the shares of various companies, some of which were nationalized by former President Hugo Chávez in an attempt to turn the South American country into an “ultra-socialist” state.
Venezuela’s communist model so far has not allowed private investment, but Hugo Chavez’s successor announces reforms
But the basic information for a public offering, including the number of shares, the share price and the stock exchange on which a company will be listed, remain unclear before the sale planned for Monday, reports AP, according to epicnews.ro.
Chávez’s successor, President Nicolás Maduro, said this week that sales would be “fundamentally” targeted at local investors, but that foreign money could also enter companies, including the CANTV telephone and internet service provider, which the government nationalized it in 2007 after buying Verizon’s stake.
In 2021 there were local elections in Venezuela, with tensions after that
Venezuelan EU observers are spies, says Venezuelan President Nicolas Maduro. He described EU observers who monitored Venezuela’s local elections as such.
Maduro claims that EU envoys “were not international observers, but European Union spies.” The Caracas leader made a statement to that effect on Venezuelan state television.
EU observers in Venezuela are spies, says President Maduro
The most recent elections in Venezuela took place on November 21, 2021. Subsequently, some European countries claimed that these elections were irregular. The United Kingdom, which is no longer part of the EU, also made such a statement. Criticism of the United Kingdom has been rejected by Venezuela.
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