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Restructuring Strategies (Task Two)

We have set out below our strategy in the implementation and restructuring of one of the Government’s ‘non core’ businesses and our subsequent Privatisation of this business

TASK TWO:

The management team in conjunction with other role players will in accordance with, and approval of the strategies resulting from the completion of Task 1 will undertake to:-

  • Implement the approved restructuring strategy:-
  • A planned divestiture of the assets including monitorable, timebound benchmarks of implementation.

The proposed and approved restructuring strategy will be to provide advisory services to Ministries on procurement of assets.

Prepare and advise the market for the new approach for providing services to the Government in order to encourage new entrants into the market, thereby ultimately increasing competition and the participation of well-qualified and competent market players.

Collect and evaluate data from Ministries, and other role players, and provide Ministries and Cabinet with information on costs, efficiency and other intelligence for each asset, with an emphasis on electronic data collection.

An executive team , directly under State House, will operate all state owned assets.  The executive team will have its own facilities and specialized staff.

The newly privatized asset will have been transformed into a new operation to provide services in the open market.  This entails the following steps:-

Each Ministry (or equivalent) will organize and finance its own assets (apart from executive assets).  This will have been achieved by:-

  • Initially transferring to each Ministry all those assets that have hitherto been fully allocated to that Ministry.
  • Purchasing assets from the asset fleet of the Government.
  • Leasing, purchasing or entering into agreements with private sector asset management companie

Assets that are currently classified as “pool assets”, will have been partly transferred to the new Government  parent company and its subsidiaries, and partly sold to Ministries through an internal tendering process.  Remaining surplus assets, equipment and property will have been disposed of by auction.

A Government owned company will be established under the Companies Act (1973), which parent company will subsequently create a number of subsidiary operating companies based on the assets now operated by the Government.

GENERAL COMMENTS

We must stress that all of the points mentioned in tasks 1 and 2 are understood to be the requirements which we would endeavor to undertake.  You will appreciate, however, that certain tasks may vary from those stipulated due to the very nature of managing a business, as decisions will by necessity be based upon findings over time.
The management team will be required to adapt its management plans accordingly to these changing circumstances if and when they arise.

We stress this due to the fact that as a management team, it is our task to first and foremost manage the restructuring of the Government assets in the most effective manner possible whilst at the same time limiting losses and putting in place plans, tasks and other relevant applications.