The public issue of 1.75 billion shares in TransJamaican Highway by the government of Jamaica was oversubscribed with the offer attracting 22,000 applicants amounting to $12 billion, the Prime Minister of Jamaica disclosed in his budget presentation today.
The initial offer was increased to 2.45 billion units by
an additional 750 million shares with a total consideration of $8.82 billion and resulted in a 36 percent oversubscription.
The result is that over $3 billion will be available to come into the secondary market when refunds are made.
Since the opening of the public issue, Transjamaican announced a dividend of 12.58 cents payable in April, while the stock closed trading today at $4.17.