National Water Commission To be listed on Jamaica Stock Exchange Via IPO As Jamaican Government Looks To Raise Equity Financing
Prime Minister Andrew Holness, says the Government is exploring new business models for the National Water Commission (NWC), in an effort to transform and improve the water sector’s performance.
Mr. Holness said this has become necessary following a review of the corporate governance and the business model of the water company.
The Prime Minister noted that the NWC’s current business model at times limits its ability to fulfil its own mission, leading to difficulties in raising capital or even meeting regulatory targets.
At the same time, he added. the cost of water services is approaching unaffordable levels.
In light of these challenges, the NWC and the Government are resolved to exploring new business models, including corporatisation of public and private partnership to transform the sector,
Mr. Holness said that of utmost importance is the need to reorganise and change the NWC from its current form, moving it from being a statutory body to a company registered under the Company’s Act.
The Government he added was also looking at raising equity finance by listing shares of the new corporate entity on the Jamaica Stock Exchange, and delegating services to private providers to function as concessionaires.
These are all new models of the provision of the water service that have to be considered if the country is to meet the growing challenges of providing accessible and high-quality water services,
The Prime Minister said he is cognisant that the problems will not dissipate overnight, and that there will always be challenges whenever one seeks to enter upon a new paradigm in the provision of what is considered to be a public service.
He was speaking at the opening ceremony of the 27th annual Caribbean Water and Wastewater Association (CWWA) Conference and Exhibition at the Hilton Rose Hall Resort and Spa in St. James on October 8,