KINGSTON, Jamaica – The divestment of operations of Caymanas Track Limited (CTL) to Supreme Ventures Limited (SVL) will be made official next Thursday at a signing ceremony scheduled to take place at the office of the Ministry of Finance and Public Service in Kingston.

Minister of Finance and Public Service Audley Shaw is expected to give the main address.

SVL was up against Caymanas Racing and Entertainment (CRE), for the operation of the horseracing facility.

However, in March of this year, the Government confirmed that SVL was approved as the preferred bidder for the purchase of the cash-bleeding entity.

On December 8, the House of Representatives passed two bills facilitating the completion of the divestment of CTL to SVL.

The bills establish a regulatory framework to attract and support investment in Jamaica’s horseracing industry, and facilitate the development of Caymanas Track into a modern world-class racing complex. They also facilitate the granting of exclusivity by the Betting, Gaming & Lotteries Commission and the Jamaica Racing Commission.