Stationery and Office Supplies eyes Stock Exchange listing

Sunday, April 02, 2017

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The McDaniel family, owners of Stationery and Office Supplies Ltd (SOS), have announced their intention to float an IPO and apply for listing on the Junior Market of the Jamaica Stock Exchange in 2017.


SOS has retained the services of JN Fund Managers, a member of the JN Group. The company has also retained securities experts MH&CO, Attorneys-at-Law, as its attorneys in the IPO and listing.


The family-owned business is run by Managing Director David McDaniel, and director and wife, Marjorie McDaniel, with second-generation McDaniels also leading the management team.


The amount and timing of the planned listing was not disclosed.


SOS operates from 35,000 sq ft of warehouse and showroom space at 23 Beechwood Avenue in Kingston. It employs more than 100 people. Through its Kingston hub and another in Montego Bay, it serves clients in Jamaica and the wider Caribbean region.


In the release indicating the company’s plan to list, David McDaniel said that the operation, over 50 years old, has grown and expanded with changing times.


"Listing on the Junior Market of the JSE is a step that we’re looking forward to, not just from a financial perspective, but also for what it means to other companies. That a Jamaican company, with local management, can stand the test of time and not only survive, but thrive", he said.


Director Allan McDaniel said that SOS has "invested a lot in ensuring that the company operates in a socially responsible manner. This includes offering internationally compliant shredding services, with the shredded product being exported and sent to recycling mills overseas, and installing a 75kw solar (photovoltaic) system on the premises. In addition to being better for the environment, it has also reduced our reliance on JPS by 80 per cent."


— Avia Collinder

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