Venezuela plans stock sale of state-owned companies

By REGINA GARCIA CANO
Associated Press

CARACAS, Venezuela (AP) — In a break from its socialist model, Venezuela’s government plans to open for private investment a number of state-owned companies in vital sectors as it seeks to address a need for capital for severely underinvested businesses. Scant details on the move are fueling doubts. The government intends to sell between 5% and 10% of shares in various companies, some of which were nationalized by the late President Hugo Chávez in his bid to transform the South American country into a socialist state. But basic information for a public offering, including stock price and the exchange in which a company will be listed, remain unclear ahead of the planned Monday sale.