Funds from UTS sale to go to police, TelEm arrears, alleviate social needs | THE DAILY HERALD

PHILIPSBURG–Government intends to use proceeds from the sale of United Telecommunications Services (UTS) for a number of things in the community, including to address the salary issues of members of the St. Maarten Police Force, Finance Minister Perry Geerlings announced on Monday.

Speaking during the debate on the draft 2019 budget, Geerlings said that if all goes well, the UTS shares will be sold without any losses against the book value.

Proceeds from the sale will amount to some NAf. 21 million.

According to Geerlings, government intends to use NAf. 12 million from the proceeds to reduce its arrears to the TelEm Group “as strongly suggested” based on the Kingdom Instruction of 2015.

Additionally, some NAf. 8 million will be used to offset expenses for the “yet unknown financial effects of repairing the salary constraints of our own Police Force as far as this is necessary retroactive.”

The one million remaining can be used to alleviate residents’ social needs and for projects at schools such as a school food programme, or elsewhere, the minister said.

Still expected are the possible proceeds of the sale of Blue Nap, the only UTS subsidiary not included in the current sale agreement.

Source: The Daily Herald