The Government of Jamaica is recruiting a consultant to pick assets held by the Urban Development Corporation, UDC, for transfer to a special holding company.

That special purpose vehicle would then be listed on the Jamaica Stock Exchange within two years, by 2020, according to new information that formed part of the procurement notice for the services of the consultancy firm.

The new holding company to which the selected assets would be transferred would likely become a subsidiary of the UDC.

The UDC holds prime developed and undeveloped lands across Jamaica, with one of its most prized assets being the world famous attraction, Dunn’s River Falls in St Ann.

It will be up to the consultant to determine which of the UDC’s holdings end up in the new vehicle, but are expected to be pulled from the real estate, attractions and subsidiary companies owned and managed by the state developer.

“The consultant will provide transaction advisory support and guidance to the UDC/GOJ on the most appropriate transaction structure and timelines to list the special purpose vehicle …,” said the procurement document.

Phase one of the consultancy includes identifying optimal assets for inclusion in the listing, and undertaking business, real and personal property valuations on the assets. Phase two includes setting up the special purpose vehicle, organising the stock market offer, advising on the best percentage to offer to the public, pricing, and the best timeline for listing.

The Planning Institute of Jamaica, PIOJ, will evaluate the tenders for the consultant, who is being recruited under the Foundations for Competitiveness and Growth Project – a programme implemented by the PIOJ in collaboration with Jampro and Development Bank of Jamaica.

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