Five financial groups, head by Ernest Burri, former president of the Compañía Dominicana de Teléfonos (Codetel), the largest telecommunications company in the country, have formed a consortium to capitalize and privatize the Corporación Dominicana de Electricidad (CDE), the state electricity utility. The Consorcio Ecoenergético Dominicana is made up by the Grupo Financiero Popular, Intercontinental, Gerencial y Fiduciario, Financiero BHD and Banco del Progreso and will be participating in the tender for the distribution and generation of power. Present at the press conference where the announcement was made were board members of the new company, Antonio Hache, vice president; Alejandro Grullon, second vice president; Ramon Baez Romana, secretary; Enrique Armenteros, vice secretary; Jose Antonio Caro G., Roberto Bonetti, Manuel A. Grullon, Juan Jose Arteaga and Javier Armenteros Marquez. Burri understands that the Dominican economy will only achieve its optimum development if the nation has a reliable service of energy. He said they support Antonio Isa Conde, president of the Comittee for the Reform of State Enterprises and international advisors of Salomon Smith & Barney Burri presided over Codetel for several years until choosing to retire in the Dominican Republic from GTE.
