Government to Sell its Shares in RJR

The Government is moving to sell its shares in RJR to members of the public through the Jamaica Stock Exchange. It is expected to pull in some $120 million for the shares when sold.
Minister of Information, Senator Burchell Whiteman made the disclosure on Monday (Jan. 26) at the weekly post-Cabinet Press Briefing at Jamaica house.
The Information Minister said that last week Cabinet had approved the sale of the Government’s shares in RJR, which were being issued following the settlement of the outstanding matters in connection with the sale of the defunct Jamaica Broadcasting Corporation (JBC) and subsequent signing of the Memorandum of Understanding (MOU) by the Minister of Finance and Planning in November last year.
Mr. Whiteman pointed out that the Government’s decision to sell the shares on the Stock Exchange was in keeping with its policy of not acquiring ownership of media entities.
“In pursuant of its policy not to be involved in the media landscape, not to own any media house or to be part owner of any media house, government has decided to sell its shares through the Jamaica Stock Exchange and to therefore receive cash for those shares,” he stressed.
The Government currently owns 10 per cent of the company.
The former JBC was established in 1962. The television service was inaugurated with an official ceremony on August 4, 1963 and commercial broadcasting began on August 5. In October 1997 the JBC (both radio and television) was purchased by Radio Jamaica Limited and the television arm was renamed Television Jamaica. (TVJ).