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JIS News

Story Highlights

  • Cabinet has approved Supreme Ventures Limited as the preferred bidder for the privatisation of Caymanas Track Limited (CTL).
  • CTL is Jamaica’s sole horse-racing promotions company, which operates the Caymanas Park Track situated in Portmore, St. Catherine.
  • Tuesday’s post-Cabinet press briefing was the first for the new Administration.

Cabinet has approved Supreme Ventures Limited as the preferred bidder for the privatisation of Caymanas Track Limited (CTL).

This was disclosed by Minister of Education, Youth and Information, Senator the Hon. Ruel Reid, during Tuesday’s (March 22) post-Cabinet press briefing at the Office of the Prime Minister in Kingston.

He noted that although the preferred bidder has been selected, “the final sales terms are to come back to the Cabinet for the final approval.”

The CTL privatisation opportunity was advertised by the Development Bank of Jamaica (DBJ) in May 2015, and the bid submission deadline was extended twice from July 10, 2015 to August 28, 2015, and subsequently to September 18, 2015 to accommodate the due diligence of prospective investors.

CTL is Jamaica’s sole horse-racing promotions company, which operates the Caymanas Park Track situated in Portmore, St. Catherine.

Supreme Ventures Limited is a local company, owned and operated by Jamaicans.

Tuesday’s post-Cabinet press briefing was the first for the new Administration.