HSERVING THE
STATE'S AFRICAN-AMERICAN COMMUNITY"
DEC. 28 - JAN. 3, 1987
VOL. IX NO.5
z
Projec
ban 0
•
In peo
te me
I GSTO - The result
of one of the mo t interesting
experiments in Third orld
capitalism have come in. Over
30000 application have been
received for ownership of share
in Jamaica' I rge commercial
bank, the ational Commercial
Bank CB, Prime ini ter
Edward Seag announced la t
Friday." The i ue, which at J
90 million Us 16.3 million
pproximately) wa three times
larger than any in Jamaica's
hi ory, wa over- ub ribed by
175 percent.
The Prime inister called the
shar i u the largest single
project in the democratization
of ownership ever carried out in
Jamaica." In announcing the
divestment last September he
had said that one of it main
objective would be to ensure
ownership of the Bank by as
wide a cro ction of Jamai­
cans a po ible. "We have
delivered that promi to the
Jamaican people, many thou-
nds of whom are now part­
owner of one of Jamaica'
largest and most important
fmancial in itution " he said
in hi statement Friday.
Seaga pointed out that
breakdown of the application
op
•
ners I
's ha ds
ccess
sho ed that many came fr m
small inve or" part from the
nearly two th usand Bern·
ployee who inve ted 22 000 f
the application are for 1 000
share and under and of tho ,
15 000 are for under 300
share . Thi definitively in­
die te the commitment of thi
Go ernment to a wider pre d
of 0 nership" he said,
The Prime ini ter stre d
that the dive tment of the
CB was "in keeping with the
philo phy and policy which
the Jamaica Labour Party tated
in its 1980 anifesto." 'This
wa to revitalize the oc
exchange a to broaden the
ownership ba of orporation
enabling more and more Jamai­
can to own the productive
ctor and derive benefits from
the economic recovery pro­
gramme" r. Seaga said.
The Prime ini ter promi d
further privatisation initiative
in 1987. In hi statement
he thanked th ational Inve t­
ment Bank of J amai a and the
Jamaica Information Service for
their contribution to the de­
velopment of the programme
which in no small mea re
rved to arou public intere t
in thi venture."
AHBAI escala es
'Buv Blae I move
The American Health
Beauty Aid Institute (AHBAI)
the national trade a ciation of
21 Blac -owned hair care com-
panie announced rna' or
e alation of its 2 million
nationwide promotional cam­
paign, AHBAI i encour gin
Bl c consumers to purcha
beauty products produced by
Black rnanuf cturer .
AHBAI official said the
trade a ciation member were
increasing the promotional cam-
to
of Blac con urner "
The centerpie e of the am­
pai n i a visual symb 1,
ilh u tte of a Blac female
kn wn as the "Proud Blac
Lady'. She appear on pr -
duct pac a in of mor than
3500 parate retail and pr -