Enterprise Team To Be Established For Divestment Of Nutrition Products Limited

Cabinet has ratified a decision proposing the establishment of an Enterprise Team to oversee the divestment/privatisation of Nutrition Products Limited (NPL).

The entity, which falls under the Ministry of Education, Youth and Information, produces and distributes nutritious meals and snacks to schools islandwide, under a national nutrition programme.

Portfolio Minister, Hon. Fayval Williams, says in addition to ratifying the decision (# 20/18), Cabinet approved the Development Bank of Jamaica (DBJ) appointment as Transaction Managers to execute the divestment/privatisation transaction, in collaboration with NPL.

She made the announcement during the post-Cabinet digital media briefing, on Wednesday (September 22).

Mrs. Williams also advised that Cabinet approved the conclusion of an Omnibus Agreement, proposed to be entered by Jamaica Aircraft Refuelling Services Limited (JARS), State oil refinery Petrojam Limited, and BP Holdings International B.V. (BPHI).

JARS, which has provided aircraft refuelling services at Jamaica’s international airports and the Tinson Pen aerodrome since 1999, was incorporated in July that year as a result of a joint venture between BPHI and Petrojam.

Forty per cent of the shares are held by Petrojam, with BPHI controlling the remaining 51 per cent.

Meanwhile, Cabinet received and approved the annual reports of four entities for tabling in Parliament.

These are 2018/19 annual report of the University Council of Jamaica; 2014/15, 2015/16, and 2016/17 annual reports of Runaway Bay Water Company Limited; the Students’ Loan Bureau’s annual report for the year ending March 31, 2017; and the National Water Commission’s annual reports for 2016/17 and 2017/18.

WRITTEN BY: DOUGLAS MCINTOSH
SOURCE: JIS news

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