Government to Sell Some of Its Shares in Several Infrastructure Entities

• The Government intends to, over the next 12 months, list on the Jamaica Stock Exchange (JSE) some of its shares in several infrastructure entities.
• These entities include South Jamaica Power, TransJamaican Highway, and the Jamaica Public Service Company (JPS). The listing is expected to be done via a special infrastructure vehicle, which is to be created for the stock offering of the government assets.
• Making the announcement at the 19th regional JSE Investments and Capital Market Conference at The Jamaica Pegasus Hotel in New Kingston on January 24, Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, said the requisite approvals have been received, including from Cabinet.
• He went on to state that the Government of Jamaica, through various institutions, owns 10.0% of South Jamaica power, 20.0% of TransJamaican Highway, and 19.0% of JPS.
• In the meantime, he said the Jamaica Mortgage Bank's (JMB) initial public offering on the Jamaica Stock Exchange is also expected over the next 12 months.
• The JMB was established in 1971 as a private limited liability company under the Companies Act of 1965 with an authorised share capital of $5Mn. On June 5, 1973, under Act of Parliament No. 16 of 1973, the Bank was converted to a statutory corporation.

(Source: JIS)