KINGSTON, Jamaica — The divestment of operations of Caymanas Track Ltd (CTL) to Supreme Ventures Ltd (SVL) has been delayed.

The Ministry of Finance and the Public Service today advised that the signing ceremony for the divestment of the operations of CTL, which was scheduled for tomorrow at its offices in Kingston, has been postponed.

In a media advisory Wednesday afternoon, the ministry said arrangements are still being refined, and as such a new date for the signing ceremony will be announced.

The ministry said that after at least five attempts to privatise Caymanas Track Limited since 1987, the Government of Jamaica took the decision in 2007 to place the transaction on hold. However, in March 2011, the then Minister of finance named a multidisciplinary task force whose mandate was to develop the policy framework and strategy for the divestment of CTL.

The task force reportedly consulted with 13 stakeholder groups and recommended the pursuit of the privatisation of the company. Further, the Public Sector Transformation Unit under the Public Sector Master Rationalization Plan, had identified CTL as one of the entities recommended for divestment noting that the Government should not be involved in the operation and management of a racetrack and that public sector ownership limited the entity’s potential for expansion and improved financial performance.

The ministry said the Government recognises the importance of the racing industry in Jamaica and its potential to provide significant employment and investments in the economy. It said the Government is committed to the continued sustainable operation and expansion of racing in Jamaica and it is expected that Supreme Ventures Limited will use its expertise in the gaming industry, as well as its substantial capital investment to transform the horseracing facility into a world-class entertainment complex.