Directors of Ciboney Group Limited indicated last week that the Financial Sector Adjustment Company (Finsac), which has 72 per cent shareholding in the old resort company, is now finalising a decision for the sale of its shareholding. Disclosed on June 1, the interested buyer and value of the deal were not released.

The price per unit for the company shares closed at 70 cents per unit on June 2, 2022. The value of market shares outstanding was $381,888,234.00.66

Ciboney is currently a shell company which Finsac hopes to sell to any entity which is interested in listing on the main exchange by introduction.

The company previously held properties in the tourism sector and was formerly the major investor in Sandals Ocho Rios and Ciboney Hotels.

With high levels of debt in the 1990s, properties were sold off and debts paid to Finsac. Ciboney’s last property, land in Culloden in Westmoreland, was sold to a company called Green Forrest Limited for $250 million in December 2017.

Proceeds were used to reduce Ciboney’s debt and pay a dividend to shareholders.