Air Jamaica to be divested - report

Airline Industry Information,  May 6, 2008  

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AIRLINE INDUSTRY INFORMATION-(C)1997-2008 M2 COMMUNICATIONS LTD

Air Jamaica is to be divested by the Caribbean country as part of an agreement entered into with the US Trade and Development Agency.

Under the terms of the agreement, Jamaica will benefit from a grant of USD820,000 from the agency in order to cut its investment in the state-owned Air Jamaica carrier.

The Associated Press reported that Jamaican Senator Don Wehby stated that the US grant would allow Jamaica to get rid of all holdings in the airline by March 2009.

The agreement was signed at a ceremony held on Monday (5 May) in Kingston, Jamaica

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