Brian George’s Supreme Ventures Limited (SVL) and the Government of Jamaica are now in negotiations following the announcement that SVL was selected as the preferred bidder for the purchase of the cash-bleeding Caymanas Track Ltd (CTL).

The announcement that the go ahead for the talks had been given, was made last week in a release to the Jamaica Stock Exchange. According to the release, on April 5, “the Development Bank of Jamaica Limited advised SVL that they have been selected as the preferred bidder for the privatization of Caymans Track Limited. In this regard, a confidentiality agreement will be effected prior to the commencement of the negotiation to finalize the transaction agreement relevant to the privatization”.

For a company focused on making stakeholders and shareholders happy, George says this achievement is a step in the right direction.

Speaking with Businessuite Magazine following last month’s Mayberry Investor Briefing, the SVL President and CEO said he is focused on making sure both investors in and workers of the company are proud to say they have stakes in SVL. “When you create opportunity and prosperity for anyone, you create it for everyone and therefore if you are successful in business, it is a fact that the staff will benefit, shareholders will benefit and in the long run the economy benefits. And when an economy is performing well, all people will benefit from it”.

CTL was officially listed for divestment almost a year ago when the Development Bank of Jamaica (DBJ) had posted an advertisement saying the GOJ was “seeking investors with suitable financial and operational capacity to participate in the privatisation of CTL”.

The only other entity that expressed an interest and bid on the project was Caymanas Racing and Entertainment, a group of investors headed by businessman Richard Lake. However this group was marred by doubt whether they could provide the level of investment needed to make it profitable and successful.

While refusing to address the financial aspects of the bid, George indicated that of the three options given for the divestment, SVL opted for the long term lease of the property- spanning 30 years- along with the purchase of the assets needed to operate the business. He sought to make it clear however, that SVL has not purchased the company whose debt still remains with the government. He says instead, all SVL has done is bought the rights to operate the business.

George says subject to the successful completion of the negotiations, SVL’s focus will be on the business’ inefficiencies, implementing product changes, improving the product being offered at Caymanas and further diversifying these product offerings with an aim of identifying new revenue sources.

For 2015, SVL saw revenue grow from $41.3 billion in 2014 to $43.8 billion, a $2.5 billion increase. Net Profit for the period also saw a jump from $929.9 million in 2014 to $1.18 billion. Earnings per share were $44.89 compared to $35.26 for the corresponding period.