Marubeni negotiates with Saudi Arabian firm
Published:Wednesday | January 21, 2009 | 5:05 PM
The Gleaner Power 106 News understands that Marubeni, the parent company of Jamaica Public Service (JPS), is now in advanced negotiations with a Saudi Arabian firm to divest JPS.
An informed source said that negotiations are going well and an agreement could be reached soon.
However, the JPS issued a release saying Marubeni is not leaving Jamaica.
The power company said Marubeni Caribbean Power Holdings Incorporated has been in discussions with a number of companies to establish a strategic partnership for ownership of its Caribbean asset.
According to the release, Marubeni’s objective is to identify a company with strong technical and financial capabilities to enhance the operations of its assets in the region.
JPS said the Jamaican Government which has a 20 per cent stake in the company has been advised about Marubeni’s plans for a strategic partnership.
The JPS said an official announcement will be made once discussions are completed.