Transjamaican Highway Raises JA$14.1 Billion

Transjamaican Highway Limited was successful in its application to list its ordinary shares on the JSE’s Main Market and cross-list on USD Equities Market at the invitation price of JA$1.41 and US$0.01 per share, effective March 24, 2020. The Company will trade under the name TJH on both markets. TJH is the first road network company, which represents an integral part of Jamaica’s infrastructure, to list on the JSE. The Company now has a total of 31,624 shareholders.

Mrs. Marlene Street Forrest, Managing Director of the JSE, commenting on TJH’s listing stated, “The listing of Transjamaican Highway Limited is an important listing, as the Government has been true to its word about utilizing the market to divest Government’s assets, thereby, ensuring not only the transparency of the process but the deep commitment to democratizing equity investments, allowing ordinary Jamaicans to own a piece of Jamaican asset. This listing has come at the cusp of world events, particularly COVID-19, which has triggered economies large and small to react by selling at reduced prices securities listed on many stock exchanges. We have been affected, especially because many relatively new investors to the market are extremely cautious. We ask you to be calm as investing in stocks is a long-term activity and prices do rebound. Transjamaican Highway Ltd and the highway were here before COVID-19 and will be here after the virus goes. Commerce will resume.

“Between the period of one week before the Offer opened and the close of the Offer, just over 12,000 new accounts were opened, and we can safely say this was in keeping with the Transjamaican offer. This was an increase over the 11,772 new accounts that registered for the Wigton Windfarm transaction. The gender mix was also quite interesting, as following the pattern with the Wigton’s transaction, more females applied for shares within this IPO, that is, 55%:45% female to male ratio”, Mrs Street Forrest disclosed.