Clarke plans IPO for JAMALCO sharesTuesday, November 30, 2021
KINGSTON, Jamaica — Jamaicans could soon have the opportunity to share in the ownership of the bauxite mining/alumina company, JAMALCO, via an initial public offering (IPO), Minister of Finance and the Public Service, Dr Nigel Clarke, said Tuesday.
Dr Clarke told the House of Representatives that the Government is working towards incorporation of JAMALCO, and a listing of the Government of Jamaica's 45 per cent shares in the company on the Jamaica Stock Exchange.
He said that plans for the future of the company also includes reconstruction of the bauxite/alumina company's power house in Clarendon, which should be covered by some US$250 million in insurance claims for the .damage, which has shut down operations since September.
“The shareholders of JAMALCO, CAP and the government of Jamaica will have to be smart, practical, business-like, strategic and technically proficient. The parallel priority for the new board will be to continue the work towards the incorporation of JAMALCO,” he said.
“The vision of the government of Jamaica is that it eventually owns its 45 percent stake in an incorporated JAMALCO, that we will proceed to make public on the Jamaica Stock Exchange,” he stated.
Dr Clarke also listed the members of the new CAP board, to be chaired by Professor Gordon Shirley, and which was approved yesterday by the Cabinet. CAP and the Noble Group share investment in JAMALCO, which lost its previous board a week ago after infighting between board members and the resignation of its former chairman over the issuing of a contract.
The new board also include: Dr Dana Dixon, Chief Business Development Officer and Chief Marketing Officer of JN Group; Winston Hayden, former managing director of CAP; Moira Williamson. a civil engineer with project management and procurement expertise; Gerry Johnson, former Caribbean head of the Inter-American Development Bank (IDB); Roxaine Smith, attorney-at-law; and, Stephanie Abrahams, a Senior Analyst in the Ministry of Finance and the Public Service.
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