The 19 per cent stake of the Jamaica Public Service Company (JPS) held by the Government will be placed on the Jamaica Stock Exchange (JSE).
This according to Prime Minister Andrew Holness who made the announcement while addressing the Jamaican/Korean Association in South Korea yesterday.
“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 move will increase value of the company, Holness said, and also widen its ownership, giving Jamaicans an opportunity to have stake in the light and power company.
JPS is co-owned by the Government and Korea East-West Power Company, a partnership which has created major improvements in its competences and service delivery, he said.
“We note as well, that we have investors from Korea East-West Power in Jamaica in our major utility, the Jamaica Public Service, and as a result of that investment, the JPS has improved its capabilities in significant ways, Holness said.
“Recently, I was with their [JPS] president, Emanuel DaRosa, and we were speaking about increasing JPS’s generation and ability to accept more green energy. The discussion was about increasing the storage capacity for JPS and so I know that somewhere down the road there might be even greater investment in expanding JPS’s storage capacity to allow for more green energy to be used in its transmission.”
The Prime Minister also said Jamaica is on its way to achieving its target of 30 per cent renewables by 2030.