LASCO Group will offer 20 per cent of its stocks to the public within the next two months, with a portion to be reserved for teachers, nurses and police personnel, the company said.

The announcement was made at a hastily called press conference at the Spanish Court Hotel in Kingston yesterday.

“We will be giving our loyal customers and Jamaicans from all walks of life a chance to own shares in Lasco,” said Lascelles Chin, founder, chairman and chief executive officer of Lasco Group.

“This will be a truly historic event that underlines Lasco’s confidence in Jamaica and the customers that have loyally supported us over the years,” he added, noting that the company will also be reserving shares for staff members, customers and other retired professionals.

Chin told journalists that the decision to list on the Jamaica Stock Exchange at this time arose from a need to improve cash flow and acquire low-cost capital to finance an agressive expansion project into new markets.

“We have been doing pretty well because our products sell very well but with expansion and increased volume, we have to watch our cash flow,” Chin aid.

“So by going public we can have more funds available and funds at the lowest possible cost. The other reason is that we want to expand and by increasing our manufacturing facilities, it increases our addition of new products,” he said.

Lasco reported that it was enjoying “triple-digit growth” in local and international markets. The company said that it was poised for additional increases in sales as it expands its distribution channels.

Chin said that the company was now supplying its products to renowned international purveyors of food products such as Tesco and ASDA in the United Kingdom, and Walmart and Publix in the USA. He said that Lasco products such as its canned callaloo, jerk seasonings, hot pepper, soy protein food drink, canned juices and canned meats had been performing well in the Caribbean and non-Caribbean markets.

“Despite the economic recession, Lasco has been enjoying substantial growth in sales,” said Chin, adding that “the company is poised for expansion over the next few years and strategic plans are currently being drawn up and excecuted towards that aim.”

Lasco’s financial adviser and lead broker for the proposed listing will be Mayberry Investments Limited, which has been the broker of choice for a string of companies that have gone public over the last several months.

Mayberry CEO Gary Peart said that details of the Lasco public offering will be announced soon at an investors’ briefing.

“At this stage, we are in the process of putting the team together, so we are still going through the process as to how long it will be and what the structure will be like,” said Peart.

The Mayberry CEO added that while he could not speak to the pricing of the Lasco listing at this time, he was confident that it would give good value for money.

“Lasco is all about value. When we get to the point where we can show value proposition, investors will see that Lasco will offer significant value for shareholders,” said Peart.