Kingston Container Terminal divestment complete
The divestment of the Kingston Container Terminal (KCT) is now complete, with the concessionaire, Kingston Freeport Terminal Limited, taking over operations today.
At a press conference this morning, Prime Minister Andrew Holness, said the upfront and other fees required under the terms of the Concession Agreement were paid over to the Port Authority of Jamaica (PAJ) yesterday.
The Office of the Prime Minister (OPM) says all 834 employees of the KCT were made redundant and redundancy payments made yesterday.
The Concessionaire has since offered employment to most KCT employees and to additional technical staff who were previously employed to the Shipping Association of Jamaica.
Kingston Freeport Terminal Limited is a local company established by the Terminal Link/CMA CGM Consortium for the sole purpose of acting as the Signatory to the KCT Concession.
The agreement gives Kingston Freeport Terminal Limited a 30-year term concession with the right to finance, expand, operate, maintain and transfer the Kingston Container Terminal at the end of the concession period.
The OPM says Kingston Freeport Terminal Limited has secured the funding required for the Phase 1 Capital Works.
The Concessionaire and lenders have also reportedly signed the loan agreements and are working to complete all conditions before disbursement.