JIS News

Cabinet has approved the sale of the property previously owned by the defunct Ariguanabo Company of Jamaica Limited in St. Catherine, to New Era Homes 2000 Limited, by the Development Bank of Jamaica (DBJ) at a gross sale price of $163.8 million.
The property, which was divided into two lots – 5A and 5B – comprised 430 acres of land, including textile factory buildings occupying 332,000 square feet and two other buildings of 60,000 square feet each.
Ariguanabo, which falls under the Ministry of Industry, Investment and Commerce, is one of several government entities being privatised.
Addressing Wednesday’s (March 17) Post Cabinet press briefing, Minister with responsibility for Information, Hon. Daryl Vaz, said that the sale was approved on the condition that lands needed for the expansion of the G. C. Foster College of Physical Education and Sport were taken into account and provisions made, accordingly.
He also stated that Cabinet approved the DBJ’s collection of divestment fees, equivalent to three per cent of the transaction or approximately $4.9 million, and the reimbursement of net divestment expenses of approximately $28 million to the DBJ and the National Investment Bank of Jamaica (NIBJ).
Lots 5A and 5B are currently leased by New Era Homes 2000 Limited for warehousing and manufacturing operations.

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