Prime Minister Andrew Holness says a handful of companies could’ve easily bought all of the shares in the recently-listed Wigton Wind Farm.
In an exclusive interview with Nationwide’s Dennis Brooks, Mr. Holness says he’s pleased to see so many Jamaicans becoming members of the ownership class, by purchasing shares during Wigton’s historic Initial Public Offering.
More than 30, 000 Jamaicans, including nearly 12,000 new investors, participated in the IPO.
The Prime Minister says the government could’ve taken a very different approach in divesting Wigton.
Most IPOs are allocated on a first come, first serve basis, which excludes many people who may’ve heard about the offer late.
The Wigton listing is perhaps the first example of the Holness Administration’s policy of socializing wealth.
The Prime Minister has been spreading the message that he wants the average Jamaican to become members of the ownership class, and benefit from the profits of the nation’s well-performing companies.
He says in the United States, for example, the average person shares in this type of wealth.
Mr. Holness acknowledges that many Jamaicans are afraid of risk, because of the devastating impact of FINSAC in the 1990s.
But, he says the reward for risk is profit.
And he adds, that should be driven by the private sector, not government.