First Rock Holdings first company listed on JSE in 2020

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First Rock Holdings first company listed on JSE in 2020

Friday, February 21, 2020

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KINGSTON, Jamaica — First Rock Capital Holdings Limited today became the first company to list its shares on the Board of the Jamaica Stock Exchange (JSE) for 2020.

Fist Rock listed US$9 million Class A shares and J$580.84 million Class B shares on the US$ Market and Jamaica Dollar Market, respectively.

The offer was oversubscribed, with 2,501 shareholders participating in the Initial Public Offer (IPO), which resulted in First Rock raising approximately US$13 million.

Managing Director of the JSE, Marlene Street Forrest, speaking at the listing of the shares at the JSE's head office, Harbour street in downtown Kingston, reminded First Rock and other companies listed on the exchange that a listing is but “a journey and not the destination, as there are other opportunities for fundraising and listing via bonds, preference shares and rights issue”.

“We recommend that you simply take advantage of the market. In doing so, remember to concentrate on providing value to your shareholders by not only concentrating on the bottom line, but also focusing on good corporate governance and corporate social responsibility which in turn will drive profitability,” Street Forrest said.

President and Founder of First Rock Capital, Ryan Reid, stated that he wanted to list a company on the market that would allow Jamaicans to participate, have good tax benefits and assist in driving the economic growth of Jamaica.

“The listing of First Rock on the Board of the Exchange was a dream come through and, with this, First Rock promises to drive growth in the company and increase shareholders' value over the long term,” he said.

Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Daryl Vaz, said that as the economy develops and new sectors, industries and products are needed to meet the demand of a growing population, the Stock Market, is clearly one of the means that companies will increasingly use, as the medium to meet the capital needed for expansion.

“This, of course, will require that companies have the necessary financial data available to meet the scrutiny of investors looking for new investment options. This will see the evolution from more family dominated businesses to wider ownership structures,” Vaz added.

Mischa McLeod Hines, assistant vice president, Capital Markets at Sagicor Investments, said that First Rock will have the distinction of creating value for shareholders, as it will invest in the economies of Jamaica, Cayman Islands, Costa Rica and the USA.

“The Company has already built a strong asset base, by owning eight properties and plans to continue on this trajectory to acquire additional properties in the coming months. With that said, First Rock is poised to significantly contribute to the development of Jamaica,” she noted.

Balford Henry

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