NCBCM boss applauds potential TransJamaican listing

NCB Capital Markets (NCBCM) is shifting more of its weight behind infrastructure-based assets, stated chief executive officer Steven Gooden as he challenged investors to see the growth and development opportunities that could result from the impending initial public offering of the TransJamaican Highway.

“Infrastructure is crucially important to foster countries’ development and prosperity,” said Gooden, who was speaking at an investors’ briefing for the US$185 million New Fortress Energy Bond on Tuesday night at the AC Marriott in St Andrew.

“Investments in infrastructure contribute to higher productivity, facilitate trade and connectivity, and promote economic inclusion.”

In his address to the gathering of clients, he also referenced recently published newspaper reports which noted National Road Operating and Constructing Company Limited Chairman Phillip Henriques’ intention to list the state-run toll company.

STEP IN THE RIGHT DIRECTION

“On the matter of a potential TransJamaican IPO, let us think big. Why not use the opportunity to create a regional infrastructure vehicle owned by the Jamaican people?” Gooden queried, proposing, too, that heads of government across the region collaborate to develop a Caribbean outfit akin to China Harbour Engineering Company.

Though Gooden did not confirm whether NCB Capital Markets has secured the mandate to bring the highway concessionaire to the market, he urged that the move to divest TransJamaican is a step in the right direction for the country, and, by extension, the Caribbean, when “we develop, own and operate some of the region’s prime infrastructure assets”.

The NCB team has, to date, executed transactions across the region in sectors relating to energy, water, waste management, and ports. Gooden noted that with an infrastructural explosion currently visible across the island, investors should note the relationship between tangible development and economic growth.

The Cap Markets boss also stressed the importance of Jamaicans having a hand in their own futures.

“Allowing the public and pensioners to participate in Jamaica’s viable infrastructural assets is an essential release valve during periods of economic growth,” he stated.