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Divestment of Ridley Terminals Inc. Closes

Canada Development Investment Corporation (CDEV) today announced that the divestment of Ridley Terminals Inc. (RTI) has been completed. Based on an agreement reached in July 2019, Canada has now sold 90 per cent of its shares in RTI to a company owned by Riverstone Holdings and AMCI Group for a purchase price of $350 million. The remaining 10 per cent of Canada’s shares has been transferred to a limited partnership owned by the Lax Kw’alaams Band and the Metlakatla First Nation. CDEV managed the sale process as agent for Canada. Established in 1983, RTI operates on Ridley Island near Prince Rupert, British Columbia, where it transfers bulk commodities from rail cars onto ocean-going vessels. The divestment of RTI is the culmination of a process that started on November 5, 2018,… Read More

Minister of Finance Announces Appointments to Canada Development Investment Corporation

The Government of Canada is committed to appointing highly qualified candidates able to best serve the interests of Canadians. In keeping with this commitment, Finance Minister Bill Morneau today announced the appointments of Carole Malo and Robert Wener as new members of the Board of Directors of the Canada Development Investment Corporation (CDEV), for terms of 4 years. Biographical information can be found below. The appointments were made under the Government of Canada’s new approach to Governor in Council appointments. This approach is based on open, transparent and merit-based selection processes that strive for gender parity and reflect Canada’s diversity, and supports Ministers in making appointment recommendations for positions within their portfolio by providing them with additional information and referrals. Quote “I would like to congratulate Ms. Malo and Mr…. Read More

CDEV announces Board of Directors of Trans Mountain Corporation

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

CDEV issues Ridley Terminals sales process letter

Terminals sales process letter

CDEV announces launch of sale process for Ridley Terminals Inc.

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

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