Sunday 15 September, 2019

Cable Bahamas lists $1.9-b in preference shares on JSE

Kino Williamson (left), Head of Finance, Cable Bahamas points to the USD label while Scotia Investment CEO, Lissant Mitchell points to the JMD label.  Also sharing the moment (from left) are Marlene Street Forrest, Managing Director Jamaica Stock Exchange, John Gomez, COO Cable Bahamas and Dylan Coke, VP Originations & Capital Markets, Scotia Investments.

Kino Williamson (left), Head of Finance, Cable Bahamas points to the USD label while Scotia Investment CEO, Lissant Mitchell points to the JMD label. Also sharing the moment (from left) are Marlene Street Forrest, Managing Director Jamaica Stock Exchange, John Gomez, COO Cable Bahamas and Dylan Coke, VP Originations & Capital Markets, Scotia Investments.

Regional telecommunications entity, Cable Bahamas Ltd (CBL) on Friday listed two preference shares totaling J$1.9 billion on the Jamaica Stock Exchange (JSE).

The monies were initially raised from a number of institutional investors in a private placement arranged by Scotia Investments, the proceeds of which were used to launch its mobile telephony services in the Bahamas.

According to Dylan Coke, Head of Scotia Investments’ Capital Markets Unit, this offer is significant because it includes a USD and JMD component, both of which are listed on the main market of the exchange”. 

Cable Bahamas is also the first company from the Bahamas to list its securities on the Jamaican Exchange and the first regional company to cross list its securities on the USD Market.

Scotia Investments who were approached by CBL, had organised an initial private placement of a fixed rate redeemable cumulative preference share through institutional investors. Funds raised through this offer totaled J$1.9 billion, broken down into two preference shares amounting to US$4.9 million and J$1.35 billion.

At the time of the placement it had been communicated to investors that the shares would be listed. This listing fulfills that commitment.

As the sponsoring broker, Scotia Investments was responsible for putting together the Application of the preference shares, and the submission to the Financial Services Commission, and the Jamaica Stock Exchange.  On Friday, May 19th the Listing Committee of the JSE met and approved the listing of the CBL preference shares.

“Scotia Investments is pleased to have been able to support CBL in listing these bonds on the Stock Market. Being able to do a transaction like this – a preference share, listed on the JSE, for an overseas issuer - is further evidence of the depth and sophistication of Jamaica’s capital markets” said Coke.

Cable Bahamas is a public company incorporated on September 19, 1994 under the laws of The Bahamas. Its subsidiaries provide cable television and related services, national and international data services, internet access services, telephony and wireless services, web hosting, and business continuity services. The subsidiaries of the company include Cable Freeport Ltd., Caribbean Crossings Ltd., Maxil Communications Ltd., Systems Resource Group Limited, and Be Aliv Limited all of which are incorporated under the laws of the Bahamas; Summit Vista Inc. is incorporated under the laws of the state of Florida. The company is listed on the Bahamas International Securities Exchange.

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