The government has announced  that it is moving ahead with an offer by Demerara Distillers Limited to buy out its 10% stake in the Berbice River Bridge.

The move will see the government spending $45 Million to acquire the 40 Million shares that the company has in the Berbice Bridge company. The administration is currently in the process of negotiating the purchase and hoping for a possible better price, but the deal appears to be a done deal.

Speaking at the post-cabinet press briefing, Prime Minister Moses Nagamootoo said the move will afford the government a better say in the operations of the Berbice Bridge Company.

“This government is determined to reduce the toll attached to the Berbice River Bridge and we have taken measures including ferry taxis to ease the burden of people who use the bridge… We are taking our promise to a further stage of ensuring our voice is not a feeble one and the dominant partners in the Berbice bridge recognize that we are serious and we are prepared to go even further”, Nagamootooo said.

The government has found itself pleading with the company to lower fares to cross the bridge ever since it took office back in May.

Although, the administration offered to pay a subsidy to the bridge to offset the expenses of the lower tolls, the Bridge Company has not agreed to that decrease just yet.

Today, the Prime Minister said the administration is making it known that it is also looking at other shareholders with possible offers that will give it a firmer footing when it comes to the operation of the bridge that was heavy funded under the previous government with public funds from the NIS as well as from the private investors.

“I believe that what government seeks to do is to send out a broad feeler to all those who have shares, we know that the major shareholder has raised a flag, and we are going to look at that on its merit but we are talking to shareholders”, Nagamootoo told the media.

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