Jamalco to initiate public offering (IPO), informs Jamaican Finance Minister Dr Nigel Clarke

Dr Nigel Clarke, Minister of Finance and the Public Service, indicated on Tuesday that Jamaicans may soon be able to invest in the bauxite mining/alumina business company, Jamalco, through an initial public offering (IPO). Dr Clarke informed the House of Representatives that the Government of Jamaica is trying to incorporate Jamalco and list the Government of Jamaica's 45 percent stake in the firm on the Jamaica Stock Exchange.

He also informed about the future plans of the company, which includes rebuilding the bauxite/alumina plant’s power house in Clarendon, which is expected to be funded by US$250 million insurance claims for the damage, which has forced the company to shut down operations since September.

“The shareholders of JAMALCO, CAP and the government of Jamaica will have to be smart, practical, business-like, strategic and technically proficient. The parallel priority for the new board will be to continue the work towards the incorporation of JAMALCO. The vision of the government of Jamaica is that it eventually owns its 45 percent stake in an incorporated JAMALCO, that we will proceed to make public on the Jamaica Stock Exchange,” said Dr Clarke.

Dr Clarke also named the members of the new Clarendon Alumina Production (CAP) board, which was authorised by the Cabinet yesterday. The new CAP board will be chaired by Gordon Shirley.

The new board will comprise of: Stephanie Abrahams, a Senior Analyst in the Ministry of Finance and the Public Service, Moira Williamson. a civil engineer with project management and procurement expertise, Dr Dana Dixon, Chief Business Development Officer and Chief Marketing Officer of JN Group, Roxaine Smith, attorney-at-law, Winston Hayden, former managing director of CAP, Gerry Johnson, former Caribbean head of the Inter-American Development Bank (IDB)