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DBJ finalises sale of Petcom

Published:Monday | May 2, 2016 | 12:00 AM

Development Bank of Jamaica said Monday that the sale of the Petroleum Company of Jamaica (Petcom) to Phoenix Fuels & Accessories has been finalised but the transaction is still subject to closure.

The sale agreement was signed Friday, April 29.

DBJ says the proceeds of the sale amount to US$19 million, which gives Phoenix 100 per cent of Petcom’s equity as well as some real estate assets held by Petcom’s parent, the Petroleum Corporation of Jamaica, but used by Petcom in the operation of the marketing company’s service station and cooking gas business.

Phoenix Fuels is controlled by Colin Karjohn.

The deal is expected to close in three months.