Govt Looking To List Entities To Be Privatised On Jamaica Stock Exchange

first_imgFacebook Twitter Google+LinkedInPinterestWhatsApp Facebook Twitter Google+LinkedInPinterestWhatsAppKINGSTON, July 22 (JIS): The Government of Jamaica is moving to change the model used for the privatisation of state-owned entities. Deputy Financial Secretary with responsibility for Public Enterprises in the Ministry of Finance and Planning, Ann-Marie Rhoden, said the Ministry is looking at listing public entities that are suitable for privatisation on the Jamaica Stock Exchange (JSE).Mrs. Rhoden, who was speaking at a JIS Think Tank on Tuesday (July 21), said that this method will replace the existing process of extending private invitations to investors to purchase entities or soliciting requests for proposals.She said when this model is approved and implemented, it should result in a quicker turnaround time in privatisation of loss-making entities.Mrs. Rhoden informed that the procedure was used successfully in the past for privatisation of the National Commercial Bank (NCB) and the Cement Company.“We believe that the time is right for us to return to that model. There are entities that are ready for privatisation and if we were to develop the prospectus and get the entities out to market to the stage of listing, then we could complete a privatisation exercise in six months or so,” she pointed out.Mrs. Rhoden was speaking within the context of recommendations made by a team from the Asian Development Bank (ADB), who are in Jamaica, to present their report: ‘Finding Balance 2014: Benchmarking the performance of State-Owned Enterprises (SOEs) in Island Countries.’Jamaica, for the first time, participated in the study, which reviews the historical financial performance of SOEs in selected island economies, identifies the drivers of performance, and outlines successful reform strategies to inform future policy action.Former Minister of State-Owned Enterprises in New Zealand, Hon. Richard Prebble, who is a part of the ADB team visiting Jamaica, said the listing of public enterprises on the stock market has been a successful model for the Government in New Zealand.“The present New Zealand Government has listed some SOEs in New Zealand and that has turned out to be very successful. One of the reasons is once you list, the share price appears every day and that’s a great incentive for the directors to start to concentrate on what the business really should be doing, now…and that is a model that has worked,” Mr. Prebble noted.In the meantime, Mrs. Rhoden said that this model will promote ownership of local enterprises by Jamaicans and result in more efficient management and delivery of service.“So it wouldn’t be a matter of ‘selling-out’, because it’s our own Jamaican people on the stock exchange, who would own the asset; not a single or two persons, but the mass of Jamaica that would be owning and feeling good about themselves,” she noted. Related Items:Ann-Marie Rhoden, jamaica stock exchange, Ministry of Finance and Planning, privatisedlast_img read more

Cautions from DEMA as Whale Watching Season starts

first_imgFacebook Twitter Google+LinkedInPinterestWhatsAppProvidenciales, 12 Jan 2016 – It is one of the more beautiful sea spectacles in the world and it happens right here in the Turks and Caicos: it is whale watching. DEMA reminds that we are in the season to see the migration of Humpback Whales and while this is a wonderful encounter it could also prove dangerous, even deadly if audiences are not careful. A list of Do’s and Don’ts was distributed today by DEMA. Among the cautions are that all vessels should approach slowly, carefully and quietly while maintaining a distance which does not stress or threaten the whales… avoid what DEMA called fencing the whales. It is when you block them in too close to shore or trap them between boats. You can tell that a whale is stressed when it changes its direction from 3 to 5 times and if you don’t think that is important, DEMA warns that whales can become aggressive and given their size, we are pretty much no match for the mammals. At sea courtesy is also encouraged, DEMA said boaters should communicate to each other if they want to share the whale watching experience, first. Last March, a Canadian woman was killed when a Humpback Whale landed on her tourist boat in Mexico and in September, two kayakers in Calilfornia were nearly crushed to death when a Humpback Whale lunged up and landed on their flimsy boat. DEMA explained that “Humpback whales travel great distances during their seasonal migration, the farthest migration of any mammal. In winter, the whales migrate to calving grounds in subtropical or tropical waters, such as the Turks & Caicos Islands, giving us an opportunity to experience these majestic mammals first hand.” Clement Howell High get their hands dirty for World Wetlands Day 2016 Facebook Twitter Google+LinkedInPinterestWhatsApp Climate Change blamed for seawater woes in Grand Turk Recommended for you Emergency action in Grand Turk due to sea surges Related Items:cautions, dema, whale watchinglast_img read more