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Published On: Sat, Jan 10th, 2015

Somaliland:State Officially Privatizes Hargeisa Electricity Agency

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ssssThe Vice President H.E. Abdurrahman Ismael Seili,i said that the state was at liberty to free and privatize (or semi-privatize) whatever commercial enterprise which is public owned if and/or whenever it deemed fit.

The VP expressed the sentiments at function whereby the government officially relinquished its full ownership of the Hargeisa Electricity Agency to only a meager 20% and at the same time announced the new major shareholders.

“It became imperative for the state to take to the decision of partial ownership following the need of having the sector being injected with apt investments”.

Saylic

He elaborated that wherever more capital was needed to save public enterprises from being liquidated it was logical for the state to seek private funding in order to continue the dispensing of important public services.

He said that the service of lighting of electricity and supplying it to the members of the public was an important one which was never to be suspended. The VP however made it clear that apart from controlling the policy on energy, it will still retain its membership in the Board of Directors given that it still manned a 20% share of the institution.

He underpinned the fact that the government’s objective in the sector was for the public to receive a constant electricity supply and services at a cheaper and affordable cost.

The new major shareholders are the Dahabshiil group who got 35% share, equivalent to Ina Aw Said’s stake. The other investor to grasp the new deal of HEA ownership is Idris Jibril Hamud with a 10% share.

Present during the official function held at Maansoor Hotel were the Public Works minister Hon. Abdirizak Khalif, Sports Minister Ali Said Reygal, Mr. Idris himself, representatives from major new shareholders, Kulmiye chairman Muse Bihi and senior Kaah Electricity company executives amongst other notable personalities.

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