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St. Lucia Electricity Services Limited (LUCELEC) has been granted approval by its shareholders to establish a subsidiary company. The decision came at the end of a Special Meeting of Shareholders held on Friday, May 9, 2014.
The subsidiary company will allow LUCELEC to explore new business opportunities separate from what it is currently engaged in which is the generation and sale of electricity. And while it will be wholly owned by LUCELEC, this new entity will be financially, legally and operationally separate from the regulated electricity company. This is to ensure good governance, business transparency and a clear separation of activities associated with electricity generation and sale from activities that the subsidiary company may be engaged in.
The new subsidiary company is part of LUCELEC’s corporate diversification strategy aimed at increasing shareholder value. LUCELEC’s Managing Director Trevor Louisy says diversification has been a fundamental part of LUCELEC’s strategy for some time, having evaluated the trends in the electricity business and the operating environment.
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