Transport Minister Dr Omar Davies says the process of accepting bids for the privatisation of the Kingston Container Terminal, KCT, will be extended by two weeks from May 22 to June 3.
Dr Davies in making his contribution to the Sectoral Debate in Parliament yesterday, said one of the three preferred bidders requested additional time to carry out its due diligence. However, despite the setback, Dr Davies said the expectation is that the port will be privatised by the end of this year
The Port of Singapore, Dubai Ports World and Terminal Linking Consortium have been short-listed as preferred bidders for the port which the government has been trying to privatise for the past two years. The preferred bidder will be responsible for financing, expanding, operating, maintaining and then transferring the asset back to government hands after several years. Any money gained from the divestment is expected to form part of the consolidated fund.
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