Government to sell its JPS shares to locals

January 14, 2022
Jamaica Public Service is the main generator and sole distributor of electricity in Jamaica.
Jamaica Public Service is the main generator and sole distributor of electricity in Jamaica.

The Government is getting ready to sell its remaining stake in the Jamaica Public Service Company (JPS).

Minister of Finance and the Public Service Dr Nigel Clarke said that the JPS shares, as well as those of the Jamaica Mortgage Bank will be sold to locals during the 2022/23 fiscal year.

Taxpayers, through the Government of Jamaica, own 19 per cent of the shares of the light and power company which was privatised in 2001. At the time of divestment, 80 per cent of the shares were sold to Atlanta-based Mirant Corporation.

Clarke said that the Andrew Holness-led government has "made advances" to this end, and "I'm definitely expecting that in the next fiscal year, we will be able to launch [initial public offerings for] those two".

"What we want to do is to enlarge the private sector. Every time we do a divestment, what happens is that the government sector gets smaller, and the private sector gets bigger," he indicated.

Clarke said that two additional public bodies are in the pipeline for privatisation.

"The Government remains absolutely committed to that policy [of] broadening the ownership base of the Jamaican economy [through the divestment of State assets]," he added.

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