The Board of Directors of Canada Development Investment Corporation (CDEV) is pleased to announce the appointment of several prominent Canadians to the Board of Directors overseeing the governance and management of Trans Mountain Corporation (TMC). The newly-constituted Board will be chaired by William Downe, former CEO of BMO Financial Group. Mr. Downe will be joined on the Board by: Harold Calla, Executive Chair of the First Nations Financial Management Board, and a member of the Squamish First Nation; David Emerson, Corporate Director, Public Policy Advisor and former senior cabinet minister with the Government of Canada; Brian Ferguson, former President and CEO of Cenovus Energy Inc.; Carol Anne Hilton, CEO and Founder of the Indigenomics Institute; Patricia Koval, Corporate Director and lawyer, formerly a senior partner with Torys LLP; Lorraine Mitchelmore,… Read More
Terminals sales process letter
At the request of the Government of Canada, today 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… Read More
On August 31, 2018 a subsidiary of CDEV purchased the entities that own and operate the Trans Mountain Pipeline System (www.transmountain.com) that runs between Edmonton, AB and Burnaby, BC and Washington State. The purchase price is $4.5 Billion before closing adjustments yet to be confirmed. The purchase was financed through loans from the Canada Account managed by Export Development Canada. The subsidiary is Trans Mountain Corporation and is operated by a management team based in Calgary. More information will be made available with CDEV’s Q3 financial report at the end of November 2018.
Minister’s Letter of Expectations