Access lists on Junior Market - JamaicaObserver.com

Saturday, November 21, 2009 8:36 PM

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Access lists on Junior Market

Sunday, November 01, 2009

Access Financial Services on Friday was officially listed on the Jamaica Stock Exchange (JSE) Junior Market.

During the listing ceremony at the JSE on Harbour Street, Kingston, Marcus James, chief executive officer of Access Financial stated, "Access offers micro and small business loans and personal loans to a sector ignored by traditional financial institutions because of a belief that the sector was too risky and expensive to service due to the small loan size and high transaction volume.

Marcus James, chief executive officer of Access Financial, places his company's sign on the Junior Market board, while Marlene Street Forrest, general manager of the Jamaica Stock Exchange; and Don Wehby, GraceKennedy chief operating officer, look on.

We have however, proven otherwise. Since inception, we have disbursed in excess of $2.3 billion in loans and have been profitable in every year of operation."

Access successfully raised its targetted $100 million last month, within two days of opening a share issue -5.47 million shares at a price of $18.34- that saw the company give up 20 per cent of its shares for listing on the Jamaica Stock Exchange Junior Market.

With the expectation of at least nine additional listings on the Junior Exchange, former Minister without Portfolio in the Ministry of Finance Don Wehby urged Jamaican stock brokers to use the Jamaica Stock Exchange as a tool to create opportunities for their clients to make money, even in this challenging financial environment.

"It is time that brokers become market makers and not order-takers," said Wehby.

Wehby, while serving in the finance ministry, backed the efforts of the JSE in creating a junior market for small companies to leverage their equity into capital.

"Let me say that it is certainly a pleasure to be here for the listing of Access Financial Services on the JSE Junior Market after having worked on the project during my tenure in government," he said.

JSE general manager Marlene Street Forrest noted that, "We want to congratulate all who were involved as we recognise that the successful listing of Access demonstrates to other companies that accessing this market is a real possibility. Already we sense real enthusiasm from potential listed companies," Street Forrest told the guests at the listing ceremony.