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Caymanas Track Limited transfer delayed

Published:Wednesday | December 28, 2016 | 6:33 PM

The handing over of the state-run Caymanas Track Limited to lottery company Supreme Ventures Limited has been delayed.

An official signing ceremony was scheduled for Thursday, however, the Ministry of Finance says the event has been postponed because arrangements are still being refined.

The Ministry did not provide the specifics but said a new date for the signing ceremony will be announced.

Speaking in parliament earlier this month Finance Minister Audley Shaw said Supreme Ventures should formally take over Caymanas Track on January 5.

At that time, Shaw said the Government intended to sign the contract for the divestment of Caymanas Track by December 23.

Explaining the terms of the contract, Shaw said Supreme Ventures would pay an annual lease of US$305,000 and would handover 1.875 per cent of pre-tax profits from the operation of CTL to the Government.

In addition, the Government will be entitled to 3.75 per cent of the pre-tax earnings from associated non-regulated businesses after the fifth anniversary of operation.