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GOVT. TO INCREASE STAKE IN AIR JAMAICA.

Five and a half years after divesting itself of majority shareholding in the national air carrier, Air Jamaica, the Jamaican Government says it intends to increase its stake in the airline from 25% to 45%, reports CANA (July 5, 2000).

Finance Minister Omar Davies also announced a Government guarantee for a US$45 million loan to Air Jamaica:

The loan will be used to cover a US$33 million 12-month (short term) loan that the airline obtained last year and which was due for repayment soon. In November 1994, 75% of the airline was sold to an Air Jamaica Acquisition Group led by hotelier Gordon "Butch" Stewart; The Government has pumped in over US$150 million into Air Jamaica since privatization in 1994. Since then, the airline has transformed its image, acquiring a new fleet of planes, expanding and diversifying its service in North America, Britain and the Caribbean and improving its service. But it has continued to lose money.
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Comment:GOVT. TO INCREASE STAKE IN AIR JAMAICA.
Publication:Caribbean Update
Geographic Code:5JAMA
Date:Aug 1, 2000
Words:160
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