Bloomberg
Jamaica to Sell Alumina Refinery Stake for Up to $400 Million
Edited by : AL CIRCLE
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Jamaica’s government expects to sell its stake in the Clarendon alumina refinery, controlled by Alcoa Inc. (AA), for as much as $400 million by the end of the year, Finance Minister Audley Shaw said.
The sale of the 45 percent holding is part of a program to cut costs and reduce the fiscal deficit, Shaw said in an interview at Bloomberg headquarters in New York today. The Cabinet is considering two bids, he said, without giving details.
Jamaica’s government has lost money on the stake because of a fixed-price agreement signed by the previous administration, Shaw said.
“We need to get rid of it,” he said. “The decision is imminent.”
The sale of the 45 percent holding is part of a program to cut costs and reduce the fiscal deficit, Shaw said in an interview at Bloomberg headquarters in New York today. The Cabinet is considering two bids, he said, without giving details.
Jamaica’s government has lost money on the stake because of a fixed-price agreement signed by the previous administration, Shaw said.
“We need to get rid of it,” he said. “The decision is imminent.”
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