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DBJ accepts three bids for Petcom, rejects one

Published:Wednesday | August 19, 2015 | 12:00 AM

Four bids were submitted by investors chasing after state-owned Petroleum Company of Jamaica – Petcom – but only three were accepted by the Development Bank of Jamaica.

The fourth arrived after the noon deadline on August 18 and was not accepted by DBJ.

The other three submissions were: Rubis Caribbean Holdings, Sol Investments Limited and Phoenix Fuels Limited. The latter group is said to be local investors.

The bank did not identify the late bidder, but sources say it was EDJ Acquisition, whose bid was said to be 15 minutes late.

Phoenix is said to have put in the largest bid.