Friday 28 February, 2020

Portland JSX completes investment phase

Portland JSX Limited has completed its investment phase with 10 Caribbean-based companies in its portfolio.

The company is a limited partner in Portland Caribbean Fund II and is focused on private businesses throughout the Caribbean, Central America and Colombia.

With the investment phase now over, Portland JSX said it is looking forward to accelerating growth of profit and shareholder value in 2020 and beyond.

Chairman of Portland JSX, Douglas Hewson remarked, “As we enter 2020, we are pleased with the portfolio of 10 businesses that has been built. They are quality businesses that are diversified geographically and across sectors.”

He indicated that the regional portfolio includes “smaller, higher growth younger businesses as well as mature industry leaders.”

“More importantly, we are optimistic that the hard work and effort that the management of these businesses has expended to date, has positioned the businesses for acceleration of growth of profit and shareholder value” he added.

Incorporated in St Lucia as an international business company, Portland JSX listed on the JSE after closing a successful IPO in June 2016, raising $1.23 billion. Its largest shareholder is Gracekennedy Limited Pension with 40 million units or 12.9 per cent of shares in issue.

In the most recent financials released, for November 30, 2019, the company’s equity per share stood at US$0.0823556 per share (J$11.19 per share when at Bank of Jamaica USD Selling rate for November 29, 2019, stood at  JMD/USD of 135.82).

Portland JSX co-invests alongside PCF II - which is a limited partnership fund that invests in businesses in the Caribbean and Latin America. PCF II is managed by Portland Private Equity II, Ltd.

The annual report issued for June 2019 stated that the company expects revenues to be generated from income and capital gains on its direct and indirect investments.

“The company provides an opportunity for retail and institutional investors to gain access to the types of private and infrastructure investments that typically are only available to large institutional and ultra-high net worth investors,” the report said.

Portland JSX committed USD$32 million to PCF II. PCF II itself successfully closed in September 2016 raising capital commitments from its limited partners in excess of USD$200 million, thereby becoming one of the largest sources of private equity financing in the region, it was outlined in the report.

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