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JAMAICA | Patriots want full disclosure on the sale of public assets

Chairman of the Patriots, Omar Newell Chairman of the Patriots, Omar Newell
KINGSTON, Jamaica, April 17, 2019: The Patriots, the young professionals’ affiliate of the People’s National Party (PNP), is calling on current Minister of Finance, Hon Dr Nigel Clarke to update the country on his ministry’s privatization agenda including entities to be privatized, modalities for privatization and timelines upon the closing of the Wigton IPO.

The Patriots said the steps to privatize the Wigton Windfarm Ltd by way of an initial public offering was a welcomed move. The Wigton IPO will open today, April 17th 2019 and closes on May 1, 2019, a little over 3 years after Cabinet made the policy decision to list the entity.

The group notes that the Wigton IPO stems from a decision of the Portia Simpson-Miller cabinet which was announced in Parliament by then Finance and Planning Minister, Dr Peter Phillips on January 26, 2016, a month ahead of the February 25, 2016 General Elections.

In his address, Dr Phillips who is now Leader of the Opposition, also stated that Government’s shares in Jamaica Public Service Company Limited, Seprod Limited, Factories Corporation of Jamaica and others would be privatized using various modalities including the Jamaica Stock Exchange.

The privatization programme announced by Phillips came on the heels of several years of sacrifice faced by citizens of Jamaica to support the then Administration’s work to turn around the economy, and was designed to ensure Jamaicans at every level had a stake in a new emerging economy.

This overarching goal of creating an ownership society also led to the creation of a National Land Titling Programme and the Venture Capital Programme to put more of Jamaica’s assets in the hands of her citizens.

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Last modified onThursday, 18 April 2019 10:20
  • Countries: Jamaica

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