A number of state-owned Venezuelan companies – including CANTV and Movilnet – will sell shares via the Caracas Stock Exchange (Bolsa de Valores de Caracas, BVC), President Nicolas Maduro has announced. According to Reuters, the government will offer stakes of between 5% and 10% in an unspecified number of state companies beginning next week. Maduro told state television: ‘We need capital to develop public companies.’
According to TeleGeography’s GlobalComms Database, back in January 2007 the National Assembly granted then-President Hugo Chavez powers to make rulings by decree without parliamentary vote, giving him the green light to nationalise companies including CANTV and mobile unit Movilnet. The government gained majority control via public share offers in Caracas and New York in April-May 2007.