Kamla Persad-Bissessar Announces Plans to Divest State-Owned Assets

State-owned Hilton Trinidad and Tobago’s Magdalena Grand recorded a combined $246.1 million in losses over 2016–2025, with Magdalena accounting for $237.6 million and Hilton $8.5 million. Hilton was profitable in six of the ten years, while Magdalena lost money every year, underscoring why the Government is moving to divest both hotels.

The Government plans to invite local and international investors to buy the Hilton Trinidad and Magdalena Grand Beach and Golf Resort, saying private ownership could end years of losses and improve management. Minister Saddam Hosein says both properties have strong tourism potential and could become more profitable, easing the burden on taxpayers.

Residents and business owners in La Brea say any divestment of LABIDCO should prioritise local jobs and clear oversight, as the State considers selling more companies. While some hope a private owner could bring employment and investment, others fear a lack of transparency, weakened security and little benefit for the community.

Prime Minister Kamla Persad-Bissessar has defended plans to divest National Quarries, the Hilton Trinidad and Tobago’s Magdalena Grand, saying the State can no longer keep funding loss-making companies. She accused the PNM of mismanaging Lake Asphalt, which she said went from $279 million in cash to near bankruptcy after a decade. The Government says private investment is needed to protect jobs and restructure the firms.

Economists Dr Indera Sagewan and Dr Vaalmikki Arjoon support the Government’s plan to sell Hilton Trinidad, Magdalena Grand and National Quarries, saying private ownership could improve efficiency, attract investment and ease pressure on taxpayers. They said the move could free public funds for health, education and infrastructure, but warned the sales must be transparent and backed by independent valuations and competitive bidding.

Labidco staff and La Brea residents were blindsided after Prime Minister Kamla Persad-Bissessar said the state-owned company may be divested, along with other assets. The move matters because Labidco manages the La Brea Industrial Estate and Tobago’s only offshore platform fabrication yard, a major energy asset that supports local jobs and businesses.

Prime Minister Kamla Persad-Bissessar is defending plans to divest state-owned companies, citing Lake Asphalt’s financial collapse as proof that taxpayers should not keep funding failing enterprises. Former minister Randall Mitchell is challenging the move, especially the proposed sale of LABIDCO, warning it could affect key energy-sector assets, jobs and local capacity.

Prime Minister Kamla Persad-Bissessar says government revenues should help taxpayers, not support loss-making state enterprises, and is defending plans to divest them. She claimed Lake Asphalt’s finances collapsed under the previous administration, leaving the company bankrupt and alleging millions were lost through declining assets and undelivered bitumen.

The Government is preparing RFPs to sell the Hilton Trinidad, Magdalena Grand, and National Quarries, with LABIDCO still under consideration, as Prime Minister Kamla Persad-Bissessar says taxpayers can no longer fund loss-making state firms. She said the Guaracara refinery is being treated differently because of its role in energy and national security. The announcement has raised union concerns about jobs and transparency.

Hilton Trinidad workers are worried about their jobs after Prime Minister Kamla Persad-Bissessar announced plans to divest the state-owned hotel, saying they were not properly told in advance and want guarantees on pay, union representation and continuity. The CWU is demanding consultation and protections, while National Quarries says it is still waiting for formal government instructions on any divestment.

Workers at Tobago’s Magdalena Grand Beach & Golf Resort say a possible sale of the state-owned hotel could bring needed investment after years of losses, poor maintenance and management changes. About 50 workers were recently sent on unpaid leave, and staff say they mainly want clear information and fair severance. The Government says the resort is losing money and any divestment will be done through an open expression of interest.

Prime Minister Kamla Persad-Bissessar says the government plans to divest state assets including National Quarries, Hilton Trinidad, Magdalena Grand and Labidco, arguing private sector involvement could improve weak-performing enterprises. Opposition figures warn the move could amount to a fire sale of national assets, while economist Dr Ronald Ramkissoon says divestment could work if it is transparent, fairly priced and opens ownership to citizens.

Prime Minister Kamla Persad-Bissessar says the Government will move to divest the Magdalena Grand Hotel, Hilton Trinidad, National Quarries and LABIDCO, arguing the State should not be running hotels or operating businesses at a loss. She said expressions of interest and requests for proposals will be issued soon, as the Government looks for private investors to take over these assets.

Prime Minister Kamla Persad-Bissessar said the Government plans to divest the Magdalena Grand Hotel in Tobago, the Hilton Trinidad, National Quarries and LABIDCO, arguing the State should not be running these businesses. She said expressions of interest will be issued soon as the administration looks for private investors to take over struggling state-owned operations.

Prime Minister Kamla Persad-Bissessar said the Government will divest several state-owned assets, including National Quarries, the Hilton Trinidad, the Magdalena Grand Beach and Golf Resort, and LABIDCO, arguing that private investors are better suited to run commercial businesses. The move, announced at the $500 million Marriott project launch in Tobago, could reshape state involvement in tourism and other sectors and affect jobs and investment.