Finsac to seek new buyer for Ciboney shareholding
Published:Tuesday | July 24, 2018 | 12:00 AM
The Ciboney Group Limited last week advised that attempts by majority owner Finsac, the Financial Sector Adjustment Company Limited, to sell its 72 per cent shareholding in the company have been aborted.
Bids were taken in April, but failed to result in a deal. Finsac intends to renew efforts to identify an investor for the shares and, in this regard, will be going back to market shortly to advertise the shares, according to the market filing.
Ciboney's main asset, land in Culloden in Westmoreland, was sold to a company named Green Forrest Limited for $250 million in December 2017, resulting in a reduction of the company's debt by half.
Errol Campbell, general manager of Finsac and chairman of Ciboney, previously said that buyers were interested in acquiring the listed entity. He could not be reached for comment on the failed sale, despite several efforts.
Ciboney was acquired by FINSAC when the Government took control of its parent company Crown Eagle Life Insurance Company during the financial sector collapse in the 1990s.