Assets of Cotton Polyester Company to be Divested


Cabinet has approved a revised strategy to divest the assets of the Cotton Polyester Textile Company Jamaica (Limited).
With the arrangement, antiquated machinery and equipment will be sold and the textile building modified for rental to investor/s for various economic activities.
Making the announcement at the weekly post Cabinet press briefing at Jamaica House on Monday (Dec. 13), Information Minister Senator Burchell Whiteman, informed that already, several investors have requested warehouse space at the facility given its proximity to Highway 2000.
According to Minister Whiteman, the initiative stood to help residents in adjoining communities and contribute to the government’s social and economic development programme.
He said the Industry and Tourism Ministry had indicated its support of the divestment strategy and had further advised that the approach would allow for multipurpose business activity in a defined space and could facilitate a reduction in transaction costs because of the shared space.
Meanwhile, Cabinet also approved a contract to acquire and install the National Water Commission’s (NWC) customer information system. The contract, which will be awarded to Indus International (formerly SCT), is valued at US$4.62 million.
The proposed computer system is required to store and retrieve customer-related information to ensure that billing is accurate and timely.
Cabinet also agreed with the appointment of Marathon Insurance Brokers Limited as the company’s brokerage firm for a three-year period and United General Insurance Company Limited as insurer for the 2004-2005 period, in the sum of $97.2 million.

JIS Social