

Durrant Pate/ Contributor
The sale of 2.5 billion ordinary shares (or 20 per cent equity) in toll operators TransJamaican Highway (TJH) by the Jamaican Government closes today (March 18), which could be upsized if the initial offer is oversubscribed.
Through the National Road Operating And Constructing Company (NROCC), the government is divesting the remaining stake in TJH, which has expanded operations, improved efficiency, and increased traffic volumes, further strengthening Jamaica’s transportation network and road network linkages.
NROCC is offering 1.75 billion of its 2.5 billion shares for sale via the stock market, with the right to upsize.
This offer contains just over a billion shares for sale to the general public at J$3.601 or US$0.0228 per ordinary share. In addition, some 700,280,000 reserved shares are being offered at J$3.60 or US$0.0228 per ordinary share to reserved share applicants.
The upsize will be offered to both the general public and the reserved share applicants on a pro rata basis.
Lead broker NCB Capital Markets noted that TJH’s offer for sale opened two weeks prior on March 4
JMMB Securities also serves as a selling agent. At present, TransJamaica Highway’s share capital comprises 12,.5 billion ordinary shares and 2.7 billion in cumulative redeemable preference shares.
Use of proceeds
NROCC, with the approval of the Government, is undertaking this offer for sale to generate funds, which it partly intends to use to pay the offer for sale expenses, and in conjunction with the Ministry of Finance and the Public Service, will decide how the balance is to be utilised.
Given that these are not new shares being issued by TJH, none of the proceeds from the offer for sale will go to TJH.
NROCC chairman Alston Douglas comments, “This is an opportunity to invest in one of the largest infrastructure assets within the English-speaking Caribbean and to own a part of Jamaica,” adding that TJH has expanded operations, improved efficiency, and increased traffic volumes, further strengthening Jamaica’s transportation network.”
NROCC acquired TJH from Bouygues Travaux Public, as part of Jamaica’s infrastructure development strategy. In 2020, 80 per cent of TJH was sold to the public through an offer for sale of shares (OFS).
The TJH asset has proven to be a strong cash flow investment with growing dividends. TJH operates the Highway 2000 East-West Corridor, a vital artery connecting major urban centres under a long-term concession agreement.
TJH, which was incorporated in 2001 holds a 35-year concession agreement expiring 2036 with NROCC with its current business activity being the development, operation and maintenance of the tolled road network known as the “Highway 2000 East-West.”
Highway 2000 East-West is a 49.9km tolled motorway with two distinct corridors:
T1 – 43.45km between Kingston and May Pen and,
T2 – 6.5km between Portmore and Kingston.

This is Jamaica’s only highspeed roadway connecting the greater Kingston Metropolitan Area to major suburban towns, making it an essential driver of national growth. TJH’s Investment highlights comprise:
- Consistent revenue growth: Traffic volumes and toll income continue to rise annually, adjusting with inflation.
- Regular dividend payouts: Strong cash flows ensure consistent shareholder returns.
- Strategic expansion: Highway extensions, toll plaza enhancements, and new access points.
- Technology and innovation: Automated toll payments and piloted WhatsApp-based top-ups for added convenience.
- Urbanisation and demand growth: Expanding residential communities in Portmore, Spanish Town, and Old Harbour, increasing highway commuting demand.
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