Sales of Winair’s shares is not a “missed opportunity” – StMaartenNews.com – News Views Reviews

PHILIPSBURG — Recent false statements by the current Minister of Finance, Marinka Gumbs, asserting that no discussions regarding the sale of WINAIR shares took place prior to their public announcement by former Finance Minister Ardwell Irion, have sparked significant controversy. This revelation has stirred debate about the transparency and strategic planning involved in the future of the regional airline.

In light of these developments, StMaartenNews.com is aware of documents revealing significant potential investment interest in the sale of shares in WINAIR. The existence of these documents, confirmed by our sources in the financial and aviation sectors, outline the strategic interest of local pension fund APS in strengthening the regional airline’s future.

The civil servant pension fund of St. Maarten (APS) is actively exploring investment opportunities in WINAIR. Their goal is to secure sustainable growth and attractive returns for their members while aiding WINAIR in expanding its regional connectivity. This move is expected to bolster WINAIR’s position as a leading regional airline and create job opportunities for locals, thereby contributing to the local economy.

According to information gathered, a financial group from Curacao brought in to handle the negotiations on behalf of APS, has formally expressed interest in purchasing shares in WINAIR. The intent behind this is to recapitalize the airline, fostering long-term growth and possibly mitigating financial instability risks akin to those faced by LIAT. The pension fund is prepared to offer a fair price for the shares, contingent upon a thorough business plan and valuation.

The Dutch Government currently owns a 7.95% stake in WINAIR and has expressed readiness to sell these shares to the St. Maarten Government, which holds a majority share of 82.05% in the airline. This move could consolidate local control over WINAIR and align with broader strategic goals.

Former Finance Minister Ardwell Irion highlighted that the sale of WINAIR shares was considered a viable option to generate essential funds for the government. While selling shares would mean relinquishing some control, the government would still retain a shareholder position. This decision aligns with the objectives of enhancing WINAIR’s financial stability and promoting regional connectivity. Among the suggestions proposed by Irion is granting WINAIR’s staff a 5% stake in the company, enabling them to feel like co-owners and further investing in the airline’s success. However, the recent Mercelina government decided against pursuing the sale, citing that the proposed price did not reflect the airline’s true value.

Sources within APS have revealed that, despite never publicly announcing their interest in acquiring WINAIR shares, negotiations have been ongoing. Although the Mercelina government has dismissed the idea, APS’s continued interest in pursuing these negotiations leaves the door open for its due diligence partner to continue discussions with the various stakeholders about acquiring a share in WINAIR on behalf of its clients.

Despite the controversy caused, this debate and discussions reveals comprehensive insights into the strategic considerations surrounding WINAIR’s future. They highlight the viability and future longevity of investments in WINAIR by solid local investors like APS, which needs to maintain a certain percentage of local investments in its portfolio. Such investments would enable WINAIR to embark on a phased and gradual investment program in aircraft and route development within the Caribbean. This collaboration underscores the critical role local investment can play in securing the airline’s stability, fostering economic growth, and safeguarding local employment.

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Opinion piece: Local Shareholders Will Be Winair’s Best Customers!

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