Mon | Dec 16, 2019

FCJ responds to concerns from businesses

Published:Thursday | November 7, 2019 | 12:25 AM
A worker moves goods in one of several warehouses owned by the Factories Corporation of Jamaica at White Marl, St Catherine, on Tuesday. Tenants there fear that they will have to close their businesses because of a looming divestment. .

Factories Corporation of Jamaica (FCJ) is assuring business operators at the White Marl Small Industrial Complex that the tenure of their lease agreements will not be affected by the divestment of the facility.

Responding to concerns raised by business operators who fear that the divestment of the facility may force the relocation or closure of their businesses, the FCJ said that these issues have already been addressed.

READ: Businesses fear disruption in FCJ divestment squabble

In a release yesterday, the FCJ said that two specific letters were received from two clients from the White Marl Small Industrial Complex making suggestions and raising concerns.

The FCJ management said that those letters were formally responded to and followed up with meetings involving the FCJ management team.

As it relates to security of tenure, the FCJ said that the divestment stipulates that the purchaser will have to abide by the present lease agreement of the clients.

“In the case of our clients at the White Marl Small Industrial Complex, both bidders in their submissions have committed to ensure that the current clients’ lease arrangements will not be affected,” the statement read.

Both the board of directors and the management, according to the statement, are fully committed to utilising the Government of Jamaica’s (GOJ) policy guidelines.

In 2018, the Holness administration mandated FCJ to divest 15 per cent of its non-performing assets to supplement the Government’s debt-reduction strategy.

FCJ identified 58 properties for divestment, including undeveloped lands, small industrial complexes, and standalone units, both occupied and unoccupied.