The board of inactive listed real estate and hotel company, Ciboney Group Limited has set a November 8 deadline to receive bids from interest shareholders for FINSAC’s 72 per cent shares in the shell company.

In an advisory to the Jamaica Stock Exchange, where its shares are listed and traded, the board of Ciboney reports that if it is successful in identifying a purchaser, it is anticipated that majority share ownership of the company will change hands within the third quarter of this financial year.

The board also advised that FINSAC, which acquired the shares in the 1990s when the Government took control of its parent company, Crown Eagle Life Insurance Company during the financial sector collapse.

FINSAC was established by the Government to assist companies facing problems during the financial sector melt down during in the 1990s. In July 2018, Ciboney Group said attempts by FINSAC to sell its shareholding in the company had been aborted.

Bids were taken in April that year but failed to result in a deal. Currently, Ciboney Group does not have significant operations. Previously, it was involved in the acquisition and development of resort properties. 

Changes effected at Ciboney Group

Ciboney Group recently advised that a number of changes took effect on October 1. These include the relocation of the registered office of the company.

The office has been relocated to 30 National Heroes Circle, Kingston 4, where the head office of the Ministry of Finance and the Public Service is located, from where the operations will be managed.

The two other changes are:

1. The company no longer has a designated post of executive director and the (former) executive director has been selected to join the Audit Committee which will now comprise directors Tricia Grant-Mitchell, Michael Campbell and Geoffrey Messado, all of whom are independent.

2. Errol Campbell will remain as the board chairman but will no longer be on the Audit Committee. The company has confirmed that there is no disagreement among the members and that this action is taken for the expediency of the continued operations of the company, pending sale of the majority shareholdings.