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GOVT. TO SELL SHARES IN UNIT TRUST.

The state-owned Jamaica Development Bank (JDB) has announced its decision to sell 72.4% of its ownership in the Jamaica Unit Trust Services, reports CANA (June 15, 2000):

The JDB said it would be offering the shares in the first instance to the other eight shareholders in Jamaica Unit Trust.

The other shareholders Jamaica Development Bank, American Life Insurance Co., Insurance Co. of the West Indies (ICWI), Jamaica Mutual Life Assurance Co. (which was taken over by the Financial Sector Adjustment Co. following the near collapse of the financial sector in the late 1990s), Life of Jamaica, National Commercial Bank, Neal & Massy Group, Victoria Mutual Building Society; Jamaica Unit Trust manages three unit trust funds with assets in excess of J$1.3 billion (just under US$31 million).

The JDB said in preparation for the proposed divestment, shareholders had decided to "reconstitute" the Board of Directors of the Jamaica Unit Trust and new appointments would be made soon. The Observer newspaper said the Government had in fact "fired" the board and was sending CEO Alvaro Casserly on vacation leave ahead of the planned sale.
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Comment:GOVT. TO SELL SHARES IN UNIT TRUST.
Publication:Caribbean Update
Geographic Code:5JAMA
Date:Aug 1, 2000
Words:185
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