Ontario sells GM shares for $1.1B; proceeds to be invested in infrastructure
Feb. 10, 2015 – Ontario has sold its remaining interest in General Motors Company; the proceeds will be invested to help build a “new generation” of public infrastructure, it said.
The Ontario government said it will gain about $1.1 billion from the sale.
Both Ottawa and the Ontario government acquired GM shares in 2009 after providing about $10.6 billion in aid to the automaker. Ontario made $4.8 billion in financial assistance available to GM and Chrysler, in partnership with the federal government.
Finance minister Charles Sousa says the sale marks an important step in unlocking the value of the province’s assets to grow the economy and invest in public infrastructure.
“The Ontario government is proud to have been able to play an important role in protecting thousands of jobs across the province through its support of the auto sector in 2009,” he said in a release.
— With files from The Canadian Press