Ice cream maker to list
THE maker of Kremi ice cream, Caribbean Cream, plans to list on the Jamaica Stock Exchange (JSE) Junior Market this year.
The company is aiming to raise funds to expand and modernise processes, increase working capital as well as to increase economies of scale while constantly improving products and services.
Lead broker on the initial public offering (IPO), Stocks and Securities Limited (SSL), says its deadline to file with the JSE is July 10.
Caribbean Cream grew quickly since its start in 2006 to grab 40 per cent of the bulk standard ice cream market, or "the standard three gallon box that your local bike man scoops into cones", according to its CEO Chris Clarke.
"Crazy Jim is the only other big player in this market," he said. "We are available in supermarkets, but not on a wide scale."
The ice cream maker, which manufactures its products in the Kencot area in Kingston, said it doesn't plan to export anytime soon, but Clarke sees significant growth potential in Jamaica.
The company will continue to focus on making standard ice cream, which doesn't have as high a percentage of weight in fat and solids as premium and ultra-premium ice cream, such as Devon House and Haagen-Dazs, or as little air.
It also distributes the Flavorite brand of frozen novelties from Trinidad from its headquarters in Kingston and its distribution plant in Montego Bay, and employs 61 persons.
SSL has partnered with First Caribbean International Bank Jamaica to distribute Caribbean Cream's IPO via its 13 branches islandwide.