Segura confirms Ede negotiations

[NewsWhore]

State-run Electricity Companies (CDEEE) vice president Radhames Segura is denying reports that the government has purchased a controlling stake in the EDE-Este energy distribution company. He says that negotiations are still under way. Segura says a confidentiality agreement has been signed between both parties as a way of limiting information from getting out until the deal is done. Trust Company of the West (TCW), which initially partnered with the government wanted out of its contractual obligations because they felt the energy business in the DR was not financially viable. TCW has sued the government and the purchase negotiation would end the costly litigation. Segura said that since 2006, the distributor's holding company Trust Company of the West indicated to the government it wanted to divest itself of its shares in the company, as reported in Hoy.

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