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Government offloads TransJamaican Highway through IPO

Government offloads TransJamaican Highway through IPO

March 3, 2020 | Jo Bruni
NROCC sells 80% of the toll road concession for $100 mln in a "massively oversubscribed" deal, source says

IPO Equity Capital Markets Project & Infrastructure Finance Regulation Jamaica Caribbean

Jamaica's National Road Operating and Constructing Company (NROCC) sold 80% of the TransJamaican Highway (TJH) for JMD14.1 billion ($100 million) on Monday through an initial public offering (IPO) on the local stock exchange, according to sources involved in the deal. "The issue was massively oversubscribed," Steven Gooden, CEO of the regional investment bank NCB Capital Markets, told LatinFinance. NCB and JMMB Group arranged the IPO for NROCC, the government-owned operator that acquired TJH fr

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