Published On: Mon, Jan 12th, 2015

UTS subsidiary company in Suriname sold

UTS_logoWILLEMSTAD, PARAMARIBO - UTS director Paul de Geus confirmed that the Surinamese subsidiary Uniqa was sold. Uniqa is a subsidiary company of the public company United Telecommunication Services (UTS) which has been suffering financial losses for years.

The director says that in connection with the non-disclosure agreement, it has been agreed that the purchaser's name will not be published. De Geus clarified that this will remain the case while several conditions are being fulfilled. He expects that this process will take one to several months.

Uniqa was founded in 2007 as a joint venture between UTS and the Surinamese telecommunications Intelsur. It was owned by the UTS Suriname holding company, but the license was with Insel-Sur. Minister of Transport, Communication and Tourism of Suriname, Falisie Joseph Pinas has been informed about the sale, according to De Geus. The Minister has agreed, in writing, to the sale, because he attaches great importance to the maintenance of employment of the staff. There are about sixty men employed at the company.

Last year UTS announced that it has suffered losses of 29 million guilders in 2013. Reason for this loss was because of the losses from the Surinamese Uniqa and the other subsidiary company in St. Kitts & Nevis. Without these subsidiary companies, UTS could have made a profit of 4.7 million guilders.

Since 2012, UTS has tried to sell these two subsidiary companies. In December, Sherwin Leonora, MP for the coalition party Pueblo Soberano, asked questions about the Uniqa sale. Leonora claimed to have heard that the Surinamese branch of UTS was sold for an amount of 5 million dollars, while UTS has invested 80 million dollars in the company.

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