Jamaica secures 16 per cent stake in Caribbean Airlines

The Government has secured a 16 per cent stake in Caribbean Airlines.



Chairman of the airline Arthur Loc Jack was quoted at a press conference in Trinidad and Tobago yesterday as saying that the Bruce Golding administration had originally sought 25 per cent ownership.



However, he said Caribbean first offered 10 per cent and later settled on 16 per cent based on the profitability of Air Jamaica’s routes and the protracted negotiations.



Speaking at a press conference in Kingston yesterday, Director at Caribbean Airlines, Shafeek Sultan-Khan described the negotiations as tough.



The government’s 16 per cent ownership in Caribbean Airlines is worth US$30 million.