Business

C&W Jamaica is no more

Wednesday, September 12, 2012    

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PHONE company LIME completed its rebranding yesterday, changing its name on the Jamaica Stock Exchange from Cable & Wireless (Ja) Ltd.

The company's managing director, Garry Sinclair, ceremoniously removed the old name from the market's board adding the new LIME moniker to the bottom of the alphabetical list.

LIME has one of the largest shareholder bases on the market, with 16.8 billion shares in the hands of 25,000 Jamaicans.

Since January 1, the company has traded 156 million shares valued at $32 million on 145 of the 174 trading days.

This high trading volume makes it one of the most liquid stocks on the market, which is reflected in its inclusion in the JSE Select Index.

The company claims to still be benefiting from its game-changing price changes earlier this year, when it slashed mobile rates.

Although its arch rival Digicel matched the new rates within a week, LIME is still gaining market share, Sinclair claimed.

"The market has changed for good," he said. "It's a new normal."

The company has gained 100,000 subscriptions in 90 days, he said.

The use of phones to receive data has been particularly fast growing, he said.

While average revenue per user rose from US$4.90 ($440) last year to US$6.05 this year, the revenues attributable to data doubled from US30 cents to US60 cents.

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