Jamaicans Encouraged to Invest in TransJamaican Highway

Jamaicans are being encouraged to take up the 20 per cent shares owned by Government in TransJamaican Highway Limited (TJH).

The shares are held through the National Road Operating and Constructing Company Limited (NROCC), which has launched a public offering to divest its remaining 20 per cent stake.

Priced at $3.60 or US$0.0228 per share, the public offer opened on March 4 and will close on March 18.

It is the next phase of divestment following the initial public offering (IPO) in 2020, during which NROCC sold 80 per cent of its shares in the toll operator.

Addressing a ‘Own di Road’ town hall at Harmony Beach Park in Montego Bay, St. James, on Saturday (March 8), Minister of Finance and the Public Service, Hon. Fayval Williams, noted that the TJH, which is the island’s largest toll road operator, has a proven track record.

TJH operates the country’s key toll road, Highway 2000 East-West under a concession agreement with NROCC.

“It’s a company that you can touch and feel; you use the roads, so you know,” Minister Williams said.

“If you recall, it wasn’t so long ago that Government owned 100 per cent of the company. It took the company to market and offered 80 per cent of the shares. Those shares are held by ordinary Jamaicans, they’re held by pension funds, other companies, and now the Government is saying we’re going to put the remaining 20 per cent on the market,” she pointed out.

Minister Williams explained that the Government’s divestment of its 20 per cent stake in the company is to create space to invest in other assets to benefit the people of Jamaica.

“And you’re going to see us back here offering those [assets] to you again. That has been our strategy, to enhance the assets and then bring the assets to market,” she pointed out.

She cited Wigton Energy (formerly Wigton Wind Farm) as an example of this strategy, which she noted, continues to perform well on the stock market.

Managing Director of NROCC, Stephen Edwards, outlined that the offer is a major step forward, not just for investors but for Jamaica’s continued infrastructure expansion.

“This offer for sale is the next phase in that model, transitioning ownership to the people while ensuring that TransJamaican Highway remains a high-performing, sustainable asset. But let me be clear, ladies and gentlemen, NROCC is not stepping away from its responsibilities,” he assured.

“Instead, we are refocusing on our core mandate, which is developing, expanding and regulating Jamaica’s highway network, so we’re focusing on our core. Those of you who are from St. James might be familiar with the Montego Bay Perimeter Road Project. It’s a major national project that is going to really fix the traffic problem in Montego Bay,” Mr. Edwards pointed out.

The town hall was hosted by NCB Capital Markets, which is the lead broker and arranger for TJH public offer of shares.