FTC still reviewing BNTCL sale
Information Specialist at the FTC, Nekaelia Hutchinson-Holder told Loop News, “the transaction is currently under review by the Commission.”
As they continue to deliberate and assess the BNTCL sale Hutchinson-Holder reminded persons are who anxiously or curiously awaiting the decision that part of the Commission’s role under Fair Competition is “to promote and maintain effective competition in Barbados - the implications of the sale will be reviewed in this regard.”
Hutchinson-Holder affirmed that such is in accordance with Section 20 of the Fair Competition Act CAP 326.C (FCA), which states that all mergers by an enterprise, that by itself controls or with another enterprise is likely to control not less than 40 percent of any market, must be approved by the Commission.
Last month the Barbados National Oil Company Ltd. (BNOCL) confirmed that it has signed an agreement with the SOL Group for the sale of the shares of its subsidiary, Barbados National Terminal Company Limited (BNTCL).
Since the agreement was announced RUBiS told the media that they have submitted all information to the FTC, which they believe would be helpful in the decision-making process, and they urged the FTC to review the BNTCL sale with the view that Sol already has a dominant position in this market.