FCJ Properties to be Sold to Jamaica Beverages Ltd.


Cabinet has given approval for the Factories Corporation of Jamaica (FCJ) properties at lots 4 and 5 Cookson Pen and Bushy Park Pen to be sold to Jamaica Beverages Limited for $54 million. These properties are situated at Naggo Head in Portmore, St. Catherine.
Making the announcement at yesterday’s (December 20) post-Cabinet press briefing at Jamaica House, Minister of Information, Senator Burchell Whiteman explained that the FCJ had proposed the sale of these properties in continuation of its drive to rationalize property holdings and to support permanent investments by the private sector.
Jamaica Beverages Limited is an existing FCJ tenant at the Garmex Commercial Complex and will relocate its business operations to the two new premises.
Senator Whiteman also announced the approval of a contract for $25 million to KSA Engineering Consultants to undertake remodelling and refurbishing of factory building number 8 at the Montego Bay Free Zone, which is also owned by the FCJ.
The project involves the conversion of an existing 5,576 square-metre (60,000 square feet) factory at the Montego Bay Free Zone, and is to be carried out in three phases of 1,859 square metres (20,000 square feet) each.
Senator Whiteman said the FCJ was convinced that the project was viable, based on the fact that there had been a resurgence of interest in the sector.
On another matter, Cabinet also approved the appointment of Progressive Insurance Brokers as insurance brokers for the National Housing Development Corporation (NHDC) for the period December 1, 2004 to November 30, 2007.
Minister Whiteman further announced that Cabinet had approved NEM Insurance Company (Jamaica) Limited and American Home Assurance Company as Insurer for the NHDC for the period December 1, 2004 to November 30, 2005 in the sum of $57.6 million.

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