LPH Acquires Majority Interest in Dominica Electricity Services Ltd. DOMLEC
Following negotiations Light & Power Holdings Limited (LPH) of Barbados acquired a 52% interest in Dominica Electricity Services Limited (DOMLEC) from WRB Enterprises Incorporated (WRB) of Tampa, Florida.
This transaction follows an announcement on November 28th, 2012 that LPH had signed a Letter of Intent with WRB for the acquisition of DOMLEC and is now the majority shareholder of the company.
DOMLEC is the sole provider of electricity for the Commonwealth of Dominica, serving 34,000 customers. The Dominica Social Security e owns 21%, with the remaining 27% held by other investors.
LPH Managing Director Mr. Peter Williams said, the acquisition of DOMLEC is consistent with their strategy to build a business of scale in the Caribbean.
“We believe our operational expertise coupled with that of the team at DOMLEC will create new potential for adding value to the benefit of customers in Dominica.
We look forward to working with the other investors, including Dominica Social Security, to ensure that DOMLEC continues to provide an excellent electricity service which is essential to Dominica’s economic development,” said Mr. Williams.
WRB’s President, Bob Blanchard, Jr. stated that WRB is proud of its association with DOMLEC, and the company’s accomplishment over the years.
He added they are confident that LPH’s experience in the utility business will enhance the capacity of DOMLEC to serve its customers.