Pegasus sale set for August
Published:Sunday | July 4, 2010 | 12:00 AM
The privatisation of Pegasus Hotels of Jamaica is to be concluded in two months, the agency arranging the sale of the hotel shares said Wednesday.
The pre-qualified bidders are still doing due diligence, the Development Bank of Jamaica (DBJ) said, on the 59.81 per cent shares in Pegasus now held by the state-owned National Hotels and Properties.
Their final bids are due at the end of July.
"The privatisation transaction is expected to be completed by the end of August 2010," said the DBJ.
Its comment to Sunday Business follows somewhat vague responses to shareholders at Pegasus Hotels' annual general meeting on June 28.
"The process continues," Joy Douglas, general manager of the Urban Development Corporation (UDC) and director of Pegasus Hotels, told the meeting when queries were raised.
The UDC is the ultimate parent and majority owner of the 310-room Jamaica Pegasus hotel.
The hotel company, which trades on the Jamaica Stock Exchange, is worth about J$16 per share, valuing the National Hotels' 71.87 million share ownership at J$1.15 billion.
The market value of the Jamaica Pegasus property has not been disclosed.