The National Insurance Scheme (NIS) has requested a seat on the Demerara Distillers Limited (DDL) Board of Directors.
Speaking with Stabroek News Chairman of the NIS Board Dr Surendra Persaud confirmed that the insurance agency has placed such a query to DDL.
“NIS is a shareholder in DDL. As a shareholder, you have a right to ask if you can participate on the board,” he said, adding that he would make no other statement on the issue.
NIS holds eight per cent of the issued shares of DDL. The agency has recently secured three seats on the Berbice Bridge Company Inc (BBCI) Board of Directors; it holds $950 million in preferred shares and an additional $80 million in regular shares in the BBCI. The total investment in the bridge by the NIS is well over $1 billion and accounts for 76% of the shareholding in the bridge.
Persaud had announced at the scheme’s 47th anni-versary celebrations in 2016 that not only had the scheme secured adequate representation on BBCI board but that he was the current chair. The scheme’s Finance Controller Jacqueline Scotland later revealed at an end-of-year press conference that NIS actually has three directors on the Berbice Bridge board.
