The Noble Group has formed a pact with the Jamaican Government to reorganise the assets and operations of alumina refinery Jamalco into a holding company that will raise equity capital on the stock market.
The company, which was unnamed, is expected to list on the Jamaica Stock Exchange, JSE.
“Subsequent to the year end, Noble and the Government of Jamaica agreed to put their respective interests in Jamalco into a newly incorporated Jamaican company which will own and operate the assets and business going forward,” Noble said in its newly released financial results.
Jamalco is owned 55 per cent by Hong Kong-based Noble Group and 45 per cent by Jamaica through Clarendon Alumina Production, CAP.
Under its economic reform programme with the IMF, Jamaica had committed to divesting its holdings in CAP, and was said to have chosen the stock market as the route it would pursue for privatisation. Jamalco is CAP’s chief asset.
The refinery is currently operated as a joint venture between CAP and General Alumina Jamaica, which is owned by Noble Group.
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