Jamaican bauxite mining and alumina refining firm JAMALCO could soon be launching an initial public offering (IPO) with the listing of the Jamaican government’s 45-percent share of the company on the open market.
Minister of Finance and the Public Service Nigel Clarke told the Jamaican House of Representatives on Tuesday that an IPO is part of the government’s plan to incorporate the company. He went on to say that the newly-appointed board of directors for the firm had several moves in mind in the coming weeks and months.
“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,” he continued.
Another of the plans the Jamaican government has in mind for JAMALCO is repairs to the power plant on site, which was damaged and has been shut down since September. A US$250 million insurance payout should cover some portion of those repairs, he promised.
JAMALCO seated a new board of directors this week, replacing the entirety of the previous board, which resigned en masse due to infighting and the resignation of the previous chair because of a contract dispute.