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Caribbean Business News

Jamaica Lowers its Stake in Pegasus Hotels

Author: Staff
Last Update: 7:29 AM ET September 15 2010

6:00 AM Kingston – Jamaica government lighten its stake in Pegasus Hotels to divest its non-core assets. The sale of 71.8 million shares brought in US$11 million.

Jamaica government controlled National Hotels and Properties Limited sold 71.86 million shares held in Pegasus Hotels of Jamaica Limited for US$11 million or J$947.6 million to hotelier Kevin Hendrickson. The NHP still controls approximately 50 million shares in the hotel.

The sale was carried out as a part of divestment scheme through a competitive bidding managed by Scotia DBG that began in August 2009.

The stake sale will give also transfer the rights to elect six board members to Mr. Hendrickson but minority shareholders will retain rights to elect two board members.

In a statement released to the Jamaica Stock Exchange, Joy Douglas, the general manager of Urban Development Corporation which controls the National Hotels and Properties said the sale was carried out under the instructions by the government and to return to core function of “planning and development of designated areas in Jamaica.”