12 SEPTEMBER 2011The Gleaner
Jamaica reviewing two bids for Jamalco shares
Edited by : AL CIRCLE
1 min read
The Jamaican Government says - in disclosures made by Finance Minister Audley Shaw to lawmakers Thursday - that the sale of its holdings in the Jamalco refinery is imminent, and that negotiations are ongoing with two parties.
Jamaica's 45 per cent stake in Jamalco, held by Clarendon Alumina Productions (CAP), has been on the market for more than a year but reaching a deal has been complicated by its debt obligations to Glencore International.
"That process is within sight as the Government is currently evaluating two firm offers that are on the table for the divestment of CAP," said Shaw.Well-placed sources within the bauxite sector say the two potential buyers are rivals Alcoa and Glencore, who have made separate offers.
Jamaica's 45 per cent stake in Jamalco, held by Clarendon Alumina Productions (CAP), has been on the market for more than a year but reaching a deal has been complicated by its debt obligations to Glencore International.
"That process is within sight as the Government is currently evaluating two firm offers that are on the table for the divestment of CAP," said Shaw.Well-placed sources within the bauxite sector say the two potential buyers are rivals Alcoa and Glencore, who have made separate offers.
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