KINGSTON, Jamaica – The Development Bank of Jamaica (DBJ) says it has received bids from two entities expressing an interest in acquiring the state-run horse racing promotions company, Caymanas Track Limited (CTL).

The bids were received from Caymanas Racing and Entertainment Limited and Supreme Ventures Limited, following the bid opening exercise at the DBJ, on Friday, September 18.

DBJ and the CTL Enterprise Team (CTLET), which are overseeing the privatisation process on behalf of the Ministry of Finance and Planning, today advised in a release that the evaluation of bids has commenced. 

It is expected that a preferred bidder will be identified and recommended by the CTLET to the Ministry of Finance and Planning and to Cabinet for approval following evaluation, which DBJ says will be completed by early November. 

The CTL privatisation opportunity was advertised by the DBJ from May 12, and the bid submission deadline was extended twice from July 10 to August 28 and subsequently to September 18 to accommodate the due diligence of prospective investors. 

CTL is Jamaica’s sole horse-racing promotions company, which operates the Caymanas Park Track, situated in Portmore, St Catherine.