Durrant Pate/Contributor

The basis of allotment for the government’s remaining shares in TransJamaican Highway (TJH) has been determined and most applicants will be getting their full amount requested.

The government’s remaining 20 per cent equity is held by the National Road Operating and Constructing Company (NROCC), which upsized the public offer to 2.5 billion shares, up from the initial amount of 1.75 million, priced at J$3.60 or US$0.0228 per share.

The offer was a tremendous success based on the submission of over 24,000 applications totalling approximately J$12.5 billion.

The details and basis of allotment see all applicants in the strategic investors’ reserve pool allotted 100 per cent of the amount applied for while in the general public pool, which was oversubscribed, will see applicants allotted the first 2,778,000 shares applied for. They will also get approximately 33.065 per cent of the balance of the amount applied for.

Refunds to applicants whose applications were not met in full will be refunded as noted in the prospectus. All applicants will receive a formal letter from the Jamaica Central Securities Depository (JCSD) advising them of their respective allotment of shares in TJH in due course. 

The intent is to have the JCSD accounts credited with the allotted sale shares in each successful applicant’s JCSD account on or before Monday (March 31). 

NROCC, NCB Capital Markets Limited and JMMB Securities thanked all applicants for making the offer a resounding success. 

Our Today understands that the TJH offer was oversubscribed by over 36% of the upsized offer.