An artist aerial impression of First Rock’s Hambani Estates.
KINGSTON, Jamaica — The People’s National Party (PNP) says it is deeply concerned following reports that First Rock Real Estate Investment Limited has been placed in receivership by Sagicor.
Opposition Spokesperson on Finance, Julian Robinson, is calling on the minister of finance to immediately disclose the extent of government investments in the company, given that three government entities, the National Insurance Fund (NIF), Norman Manley International Airport (NMIA), and the Airports Authority of Jamaica (AAJ), are listed among the 10 largest shareholders.
“This matter is of grave national importance,” said Robinson. “We need to know how much taxpayer money was invested in First Rock through these agencies, what the current value of those investments is, and what the implications are now that the company is in receivership.”
In a statement on Wednesday the PNP said reports indicate that AAJ and NMIA purchased shares in First Rock at prices ranging from US$0.10 to US$0.12 per share during its private placement and IPO and as of June 4, 2025, the company’s share price has plummeted to US$0.0168, wiping out significant value.
The current market capitalisation stands at just over US$4.16 million, reflecting a nearly 30 per cent decline year-to-date and raising serious questions about the exposure of public funds, the PNP said.
Robinson reminded the public that concerns were previously raised when the Airports Authority invested in First Rock. He said he Integrity Commission later confirmed in a report that the investment breached Ministry of Finance regulations and went against the advice of the agency’s own board.
The company broke ground on its Hambani Estates project in late 2021 and received a financing line of around US$10 million from Sagicor Bank to complete the luxury 12-townhouse project. It was originally scheduled to be completed sometime between April and June of 2023.
With the new timeline for completion set for early 2025. FirstRock Real Estate had to seek a one-year repayment extension from Sagicor Bank for its loan, which matured in mid-May.
“The minister of finance must tell the country the total value of these investments and what the status of those funds is today,” Robinson added. “Jamaicans deserve transparency and accountability when public funds are at risk.”
The PNP maintained that it will continue to call for responsible stewardship of public resources and urge the Government to act swiftly in addressing this matter with the seriousness it demands.
