Petcom deal closes
The sale of state-owned Petroleum Company of Jamaica Limited to Phoenix Fuels & Accessories Limited closed officially on June 30.
Phoenix Fuels, headed by Colin Karjohn, has bought 100 per cent of the company and real estate assets for US$19 million. The assets were owned by parent Petroleum Corporation of Jamaica but used by Petcom in the conduct of its business.
The government’s negotiating team was led by PCJ senior legal counsel Nerine Small, while the Petcom Enterprise Team was chaired by Erwin Jones. The divestment was managed by Development Bank of Jamaica, with DunnCox as legal advisers and Ernst & Young as consultants.
GK Capital Management Limited negotiated the deal on behalf of Phoenix Fuels, with Vaccianna & Whittingham as legal advisers.
Petcom operates a network of petrol stations and liquid petroleum gas filling plants.