Monday 1 June, 2020

WATCH: First Rock becomes first JSE listing for new decade

First Rock Capital founder Ryan Reid speaks at the company's listing ceremony.

First Rock Capital founder Ryan Reid speaks at the company's listing ceremony.

First Rock Capital Holdings Limited on Friday became the first company to list its shares on the board of the Jamaica Stock Exchange (JSE) for the year and for the new decade when it listed US$9 million Class A shares and JD$580.84 million Class B shares on the US$ 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.

Marlene Street Forrest, Managing Director of the JSE, at the listing ceremony, held at the JSE,40 Harbour Street, stated “I wish to encourage and remind 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."

Street-Forrest added: "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”.

The 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.

Daryl Vaz, Minister without Portfolio in the Ministry of Economic Growth and Job Creation, stated 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."

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