Government of Jamaica signs off on resale of JPS shares
Published:Sunday | January 30, 2011 | 12:00 AM
Government information Minister Daryl Vaz says Jamaica has signed off on the transfer of TAQA's 40 per cent stake in Caribbean-held power assets back to Marubeni.
The consent documentation was being handled by the Development Bank of Jamaica.
TAQA, whose formal name is Abu Dhabi National Energy Company, acquired the stake in Caribbean Power Holdings Inc from Marubeni in 2009, but decided after a year to exit the partnership and refocus assets in Africa.
Marubeni majority owner
The deal was worth US$320 million, the same amount TAQA reportedly paid to acquire the holdings.
With the transfer, Marubeni of Japan is again 80 per cent majority owner. Jamaica maintains its 19.9 per cent stake, while the other 0.1 per cent is in the hands of individuals.
Jamaica's stakes are held by two state entities: the Development Bank of Jamaica and the accountant general.