THE DEVELOPMENT Bank of Jamaica (DBJ) is awaiting the final decision of Cabinet to complete the divestment of Wallenford Coffee Company, which has assets valued at US$36 million (J$3.5 billion).
The preferred bidder, Portland Private Equity/AIC Caribbean Fund, has made an initial bid of US$14 million for the assets of the company which comprise 2,430 acres of land; 405 acres under cultivation; factory and processing facility and property at Petrojam on Marcus Garvey Drive in Kingston.
However, an adjusted bid is now before Cabinet and cannot be disclosed until a decision is made.
During a meeting of Parliament's Public Administra-tion and Appropriations Com-mittee last Thursday, committee members engaged in a spirited debate about whether the bid price and the value of Wallenford's assets should be made public at this time.
The DBJ is responsible for the divestment of selected government-owned properties as part of the rationalisation of public-sector entities.