Business

Gov’t to get another $87m from JPS dividend

By CAMILO THAME Business co-ordinator

Tuesday, March 27, 2012 | 10:56 AM    

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THE Government is to get a US$995,000 ($86.6 million) dividend payment from Jamaica Public Service Company (JPS) in two weeks.

The light and power company notified the Jamaica Stock Exchange (JSE) that its board approved a final ordinary dividend payment of US$5 million payable on April 16, 2012.

The Government, through the Accountant General’s Department and the Development Bank of Jamaica, owns 19.9 per cent of the ordinary shares in the electricity distribution monopoly.

The latest payment does not fully reflect the sums of money the Government gets from JPS dividends on an annual basis.

For instance, in 2011, it received US$8.76 million in dividends, following a similar payment in 2010.

Moreover, the Government has collected over $3.4 billion in dividend payments from JPS over the years since it sold the majority shares to overseas investors in 2001.

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