Marubeni, Ministry meet today
Published:Monday | January 26, 2009 | 9:32 AM
The Government is today expected to discuss issues surrounding plans to sell shares in the Jamaica Public Service Company Limited (JPS).
This follows news that Marubeni Caribbean Power Holdings, the parent company for JPS, is close to signing a deal with a new partner from the United Arab Emirates.
The Abu Dhabi National Company is reportedly in advanced negotiations with Marubeni to acquire shares in its Caribbean assets, including the JPS.
President and chief executive officer of Abu Dhabi National Company, Peter Baker-Homer, Prime Minister Bruce Golding, Finance and Public Service Minister Audley Shaw, and Minister of Energy Clive Mullings are all expected to attend today’s meeting.
Chairman of JPS, Tomofumi Fukuda, will host the high-level meeting.
A statement from the Finance Minister, Audley Shaw, last week confirmed that Marubeni has approached the government to sell a percentage of its shares.
The government has a 20 per cent stake in the light and power company.
Mr Shaw says the ministry and the Development Bank of Jamaica are currently conducting due diligence in order to advise the Cabinet for a subsequent decision.
The finance minister says the government and Marubeni both desire to identify a partner with strong technical and financial capabilities that will facilitate fuel diversification, expansion and effective generation of electricity.