Venezuela to sell stock in break from socialism

CARACAS, VENEZUELA » Venezuela’s government is seeking private investors to pump funds into vital but crippled state-run companies, decades after seizing them in the name of socialism.

The government on Monday intends to offer 5% to 10% stakes in companies ranging from telephone and internet service providers to a petrochemical producer. In another country, those industries might be attractive targets for investors, but questions remain as to who would be willing or able to take a minority position in the Venezuelan companies that have suffered from years of neglect and mismanagement.

Adding to the mystery is lack of details provided by the government about the sale, including what price it is seeking for shares in the companies and on what stock market they might be listed. Some are speculating the move could be a first step toward returning the companies to private hands.

“We need capital for the development of all public companies,” Maduro said.