CDEV announces sale process for Ridley Terminals Inc., structured to transfer 10% to First Nations
At the request of the Government of Canada, the Canada Development Investment Corporation (CDEV) is launching a competitive sale process that is intended to lead to an agreement with a buyer for 90% of the shares of Ridley Terminals Inc., a federal Crown corporation. The remaining 10% of the shares would be transferred to the Lax Kw'alaams Band and the Metlakatla First Nation at the close of the sale. This sale process is occurring following engagement and consultation with six First Nations in the area.
Established in 1983, Ridley Terminals Inc. operates on Ridley Island in Prince Rupert, British Columbia, where it transfers bulk commodities from rail cars onto ocean-going vessels. The primary commodities shipped through the terminal are coal and petroleum coke.
The sale process will be conducted on an open and competitive basis with the objective of obtaining best value from a buyer who will operate Ridley Terminals on a long-term sustainable basis and with open access.
Parties interested in participating in the sale process should contact CDEV's financial advisor, Macquarie Capital Markets Canada, at [email protected] for further information.
Canada Development Investment Corporation, or CDEV, a federal Crown corporation, was incorporated in 1982 to provide a commercial vehicle for Government equity investment and to manage commercial holdings of the Government. CDEV's primary objective is to carry out its activities in the best interests of Canada, operating in a commercial manner. In addition to certain activities of its own, CDEV holds wholly-owned subsidiaries for which it is responsible, including Canada Hibernia Holding Corporation and Trans Mountain Corporation.