Click here to print page

More government stake for public offering

…as government's 19 per cent stake in JPS slated to hit stock market

Wednesday, October 09, 2019

The Government on Monday has disclosed that it will be placing its 19 per cent stake in the Jamaica Public Service Company (JPS) on the Jamaica Stock Exchange (JSE).

This communiqué comes in the wake of Prime Minister Andrew Holness's announcement of the same while addressing the Jamaican/Korean Association luncheon in Korea on Sunday (October 6).

According to Prime Minister Holness, in a release sent on Monday, he believes that putting the government's shares in JPS on the stock market will broaden the ownership base and increase the value of the light and power company.

“The Government owns 19 per cent of JPS and the government intends to place that 19 per cent on the stock market and will be selling those shares. So, the ordinary Jamaican will be able to participate and buy those shares and I am certain that that is going to increase the value of the company. So, if you are here in Korea look out for it, you might want to participate and buy some shares in JPS,” Holness said.

The Jamaica Observer in trying to get a response from JPS regarding this new development was told that the company was unable to provide a comment at this time as the chairman and key management personnel were out of the country.

The prime minster also while in Korea, announced that the country has been given the green light to list the first-ever Caribbean green bond on the stock market.

Holness noted that the approval by Green Climate fund of the listing will place Jamaica as the caribbean country of choice to conduct climate-smart and sustainable business.

In referring to the country's historic move to place the Wigton Windfarm on the stock market and allowing ordinary Jamaicans to buy into shares, the prime minister believes that the country was able to achieve 17 per cent of renewable energy generation.

“In Jamaica, we will continue working on strengthening our economy and ensure better fiscal management, because that is our first line of defence. We will continue to be global advocates for the increased mobilisation of public and private finance for mitigation and adaptation. We reiterate our support for a successful replenishment of the Green Climate Fund, which is today the most important institution that channels climate finance to developing countries. We will continue in playing our role of regulator and market maker to attract more private sector investment into the green economy,” he said.