Marubeni partner confirmed
Published:Thursday | January 22, 2009 | 4:19 PM
The Gleaner Power 106 News has been reliably informed that Marubeni Caribbean Power Holdings is close to signing a deal with a new partner.
Marubeni is the parent company for the Jamaica Public Service Company, JPS.
A company from the United Arab Emirates is said to be in negotiations with Marubeni to acquire shares in the JPS.
An informed source told The Gleaner Power 106 News that President and Chief Executive Officer of Abu Dhabi National Company, Peter Baker-Homer will arrive in the island early next week to hold talks with Prime Minister Bruce Golding, Finance Minister Audley Shaw and Energy Minister, Clive Mullings.
Chairman of the JPS Tomofumi Fukuda will host the high level meeting on Monday.
A statement from the Finance Minister Audley Shaw this afternoon, 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 said 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 said the government and Marubeni both desire to identify a partner with strong technical and financial capabilities that will facilitate fuel diversification, expansion and the cost of effective generation of electricity.
The JPS issued a statement yesterday stating that Marubeni had no plans to leave Jamaica.