Government says divestment of 20 per cent stake in TransJamaican Limited makes room for investing public

 






National Road Operating and Constructing Company Limited (NROCC) Managing Director, Stephen Edwards, has described the decision to divest the remaining 20 per cent stake in TransJamaican Highway Limited (TJH) as “a major step forward” for investors and continued infrastructure expansion."

Overseen by the Development Bank of Jamaica, the transaction which closed on March 18 is estimated to have raised J$9 billion.

Meanwhile Edwards noted “NROCC will continue its responsibilities, pointing out that the organisation is refocusing on its core mandate of developing, expanding and regulating the island’s highway network, citing among these infrastructure development projects such as the Montego Bay Perimeter Road.

“Let me be clear, ladies and gentlemen, NROCC is not stepping away from its responsibilities,” he stated in a Jamaica Information Service Interview.

The divestment of TJH shares, he said, aligns with the Government’s broader strategy to enhance and facilitate public participation in key national assets.

TJH operates and maintains tolled motorways comprising two corridors – the more-than-50-kilometre (km) stretch between Kingston and Williamsfield, Manchester (T1), and the 6.5km roadway between Portmore, St. Catherine and Kingston (T2), under a concession agreement with NROCC.

A public offering for the sale of the shares, which were held through NROCC, ran from March 4-18.

Each share was priced at J$3.60 or US$0.0228.

Edwards underscored the significance of the divestment while addressing recent National Commercial Bank (NCB) ‘Own Di Road’ town hall at Harmony Beach Park in St. James, which was held to encourage Jamaicans to purchase shares in TJH.

“This offer for sale is the next phase in that model [of] transitioning ownership to the people while ensuring that TransJamaican Highway remains a high-performing, sustainable asset,” he said.

The NROCC head reiterated the significance of the US$274-million Montego Bay Perimeter Road Project, now under way in St. James.

“It’s a major project, a national project that is going to really fix the traffic problem in Montego Bay. We’re focusing on building the Montego Bay Perimeter Road Project and more highways like that across Jamaica,” he said.

The project, being executed by China Harbour Engineering Company Limited (CHEC), entails design and construction of the Montego Bay Bypass Road (15.1 kilometres), the Barnett Street/West Green Avenue Road Rehabilitation and expansion works, design and construction of the Long Hill Bypass to reduce traffic congestion and a comprehensive drainage study of the Montego Bay Bypass area.

Edwards added that the four-lane bridge being constructed as part of the project is close to completion and will be the “statement piece” for the highway, which is on track to be completed by May 2026 .

 Information source: Jamaica Information Service

Photo: Stephen Edwards, Managing Director of NROCC

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