JAMAICA: Government Enabling Jamaicans to Own State Assets

Montego Bay, April 26, 2019 – Jamaica – Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, says the Government remains steadfast in its commitment to revolutionise the ownership of State assets.

The Minister, who was speaking at the grand opening of the Victoria Mutual Fairview Financial Centre in Montego Bay, St. James, on Wednesday (April 24), noted that more ordinary Jamaicans are being given the opportunity to own shares in State entities that are being divested.

Citing Wigton Windfarm Limited’s initial public offering (IPO), which opened on April 17, Dr. Clarke said “we have done it in a way to emphasise that we want the widest possible distribution. So we have set it up where the micro people will get filled before the small people and the small people will get filled before the medium people, and the medium will get filled before the large people”.  

“We are… giving the opportunity to the vast amount of persons to get in on the ownership ladder of the Jamaican economy,” he added.

“The Jamaican people have a desire to own a piece of Jamaica and this Government is making that possible by not only putting it on the Jamaica Stock Exchange (JSE) but having a distribution system that includes people,” he noted further.

The Jamaica Mortgage Bank (JMB) is among other entities identified for divestment, and the Government is committed to selling its shares in Jamaica Public Service Company (JPS).

A total of 11 billion shares at 0.50 cents each, are being offered under Wigton Windfarm Limited’s IPO, which will run until May 1.  Of this amount, 2.2 billion shares will be reserved for public-sector workers. The Government is seeking to raise $5.5 billion from the sale.

Wigton, located in Rose Hill, Manchester, is a subsidiary of the Petroleum Corporation of Jamaica (PCJ) and is the largest wind energy facility in the English-speaking Caribbean.  The facility was built by the Government to help diversify Jamaica’s energy mix.

Contact: Okoye Henry

Release: JIS

Header: Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke (third left), converses with (from left), Victoria Mutual Fairview Financial Centre Branch Manager, Andrea Arscott-Allen; Chairman of the Victoria Mutual Building Society (VMBS) Group, Michael McMorris; and President and Chief Executive Officer of the VMBS Group, Courtney Campbell. Occasion was a tour of the financial centre in Montego Bay, St. James, followng its grand opening on Wednesday (April 24).

Insert: Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke (right), tries out a computer in one of the offices at the Victoria Mutual Fairview Financial Centre, following the official opening of the facility in Montego Bay, St. James on April 24. Looking on are Chief Executive Officer of Victoria Mutual Group, Courtney Campbellon (left); and Custos of St. James, Conrad Pitkin.

Serena Grant Photos