Published:Sunday 12:18 AM
The Financial Sector Adjustment Company, better known as Finsac, has sold Ciboney Group to Wiltshire Consulting and Advisory Limited afters years of trying trying to offload its majority stake.
The cost of the transaction was not disclosed.
However, shares in Ciboney were trading at 67 cents at the announcement of the deal, which then valued Finsac’s 72.1 per cent holdings at over $260 million. The sale agreement was finalised on Thursday, June 29.
Wiltshire Consulting is owned by businessman and former banker Wayne Wray.
“Wiltshire has nominated its wholly owned subsidiary, IEC Energy Company Limited, to hold and own the shares being transferred,” Ciboney Group Limited said in a market filing.
The sale of the Ciboney shares follows the offloading of its last piece of tangible asset, land in Westmoreland for resort development, prior to the pandemic, leaving a shell operation in deficit. Up to May of this year, Ciboney reported negative equity of $340 million.
The shares came into Finsac’s possession during the bailout of the Crown Eagle group, one of several banks and financial institutions that the Jamaican Government rescued in the mid-1990s amid a sectorwide financial crash.
Wray is the managing director of 365 Retail Limited, operator of a TotalEnergies service station, and was once president of First Global Bank and also George & Branday Limited.
On the day of the Ciboney sale, directors Errol Campbell, Michael Campbell, Tricia Grant Mitchell and Geoffrey Messado resigned and were replaced by Nigel Davy as new chairman, Jennifer Davy, Kyle Davy, Whycliffe Cameron, Conley Salmon, Donald Patterson and Wray. Aspiresec Limited also replaced Sharon Burke as company secretary.