LatinNews Daily - 12 May 2022

In brief: Venezuela to float shares in state-owned companies

* Venezuela’s President Nicolás Maduro has announced that the government will float shares worth up to 10% of several state-owned companies on the Venezuelan stock exchange. “We’re going to take between 5% and 10% of shares from various public companies for national investment, primarily, or international investment,” he said, adding that “we need capital for the development of all public companies, we need technology, new markets, and to move forwards.” Maduro said that the stock float would begin on 16 May, and that oil, gas, telecommunications, and chemical companies would be among those open for investment. However, Maduro said that shares would not be offered for state-owned oil company Petróleos de Venezuela (Pdvsa). The announcement marks the continuation of a series of limited economic reforms aimed at reducing the impact of international sanctions, including currency reforms aimed at facilitating US dollar transactions.

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