Arc Systems to bid for shares in KIW warehouse
Large hardware supplier, Arc Systems Limited, will bid to acquire the Government of Jamaica's nearly 43 per cent stake in KIW Limited, which operates a warehouse on Spanish Town Road in Kingston.
The disposal is part of the ongoing programme of divestment of state assets. It would allow the hardware manufacturer and distributor to continue operating from that location which spreads towards its headquarters on Bell Road in Kingston.
Arc operates a series of plants on Bell Road which stretches several football fields in length and width towards Spanish Town Road. It recently expanded to set up two additional plants on the compound that manufacture roofs and chain fencing.
"We lease space there," said Deanall Barnes, Arc Systems vice-president of marketing and international sales. "We are trying to procure it. It is strategically located alongside our property and falls easily within our growth ambitions."
KIW operates with Carol Boswell as company secretary and directors listed as Eric Abrahams, Douglas Carter, Lloyd Subratie and Maurice Robinson. It was incorporated in 1975.
The GOJ actively wants to sell its stake in the asset located in the busy manufacturing district and in proximity to the port of Kingston.
"The Government decided to divest same in keeping with the GOJ's Privatisation Policy, which includes monetising assets that do not form part of the core service obligations of the Government and which assets can be more effectively developed and operated with private capital," said the Development Bank of Jamaica (DBJ) in messages facilitated by head of communication Claudette White.
The development bank acts as the privatisation agent for the Jamaican Government.
The accountant general owns 42.6 per cent of the ordinary shares and 100 per cent of the preference shares in KIW, according to the DBJ.
The Government expects the divestment to result in further upgrades to the factory and warehouse facilities. Interested parties have up to January 15 to submit proposals. The fair value of the property remained undisclosed.