The National Government has authorized the creation of the state owned CVG Telecommunications C.A. (CVG Telecom), with the participation of Corporación Venezolana de Guayana and CVG Electrificación del Caroní C.A. (Edelca).

The purpose of this company is to promote the telecommunications sector, through commercial participation in the telecommunications market, in a way that generates jobs and supports national economic development.

CVG will also build, direct, project, and administrate its own companies as well as other public and private companies, for which it will previously make the necessary agreements and take the necessary legal and administrative steps.

The headquarters of this new company will be in Puerto Ordaz, Bolívar state. It will nevertheless have the possibility of opening branch offices elsewhere in the country.

The share capital of the company will be 9.6 billion bolívares (Bs.), in 9,600 common nominal shares, non convertible to the bearer, and distributed as follows: 5,760 type “A” nominal shares; at 1 million Bs. each, which CVG will subscribe and pay by parts, with 20% cash (1.152 billion Bs.). The remaining 3,840 nominal type “B” shares, also at 1 million (Bs.) each, will be assigned to CVG Edelca, and paid partially in cash (768 million Bs.).

Published in Quantum No.32