Negotiations underway for sale of KCT

Negotiations commenced on Tuesday with the  preferred bidder for the privatisation of Kingston Container Terminal (KCT).

Transport Minister Dr. Omar Davies told the House of  Representatives that the talks involved head of  the negotiating team former Bank of  Jamaica Governor Derick Latibeaudiere and the bidder Terminal Link Consortium. Terminal Link is jointly owned by international shipping companies CMA, CGM and China Merchant Marine.

Dr. Davies has given the negotiating team a month to report on the progress of  the discussions.

"Should these negotiations lead to a preliminary agreement, after that month, which satisfies the criteria laid down by the GOJ, steps will be taken to move towards a final agreement in the shortest time possible," he said.

He served notice, however, that should no such agreement be arrived at, then the negotiating team will be autthorised to "initiate negotiations with other parties, which have expressed an interest, subsequent to the termination of the previous tender process."

Dr. Davies declared that there will be no "fire sale" of KCT. He said he has ensured that the facility continues to improve its productivity "and to implement a series of activities to ensure that the port is operated as a going concern, capable of sustaining itself, in the event that there is no satisfactory final agreement with a private sector entity."