At last week Thursday’s enlisting ceremony for CAC 2000 and tTech Limited, held at the Jamaica Stock Exchange (JSE) in downtown Kingston, tTech CEO Edward ‘Teddy’ Alexander encouraged the business community to focus “on the fundamentals of running a business”.

tTech is a provider of managed information technology services, with GraceKennedy being one of the company’s major customers. The initial public offer for tTech Limited, which took place on Thursday, December 7 — the same day as CAC 2000 — raised $50.2 million, though

oversubscribed within three minutes by more than 300 per cent.

“For us the core fundamentals have been an intense focus on helping our customers to achieve their business objectives, delivering an insanely good customer experience and creating an environment that allows our team members to maximise their potential,” Alexander explained, while adding that the focus should not be “on the many negatives which we have no control over”.

As he highlighted the consistent growth of the company over the last five years or more, despite very challenging conditions in Jamaica, Alexander told the gathering that the focus would remain the same for 2016 and beyond as part of the company’s vision.

“And we are confident that tTech will continue to grow because of our focus on the fundamentals, along with the benefits we will derive from the listing on the Jamaica Stock Exchange,” he said.

“…But apart from the tax benefits, listing will result in improved corporate governance and increased transparency, both of which will make tTech a better and stronger company,” he continued.

Both companies – CAC 2000 and tTech Limited – were advised by Wentworth Graham, JSE’s chief regulatory officer, of the need to pay attention to transparency and governance as newly enlisted companies as they will be heavily scrutinised, evidenced by increased attendance of shareholders to annual general and extraordinary meetings.

“You are going to be faced with queries from shareholders, you are going to face queries from the JSE and you are going to be under themicroscope of the media,” Graham stated, as a preamble to the presentation of the JSE Junior Market Rule Book. “I would encourage these company secretaries to ensure that complacency does not set in.”

Speaking in the same vein, VM Wealth General Manager Devon Barrett, referring to a

Jamaica Observer article “Only 1 in 40 SMEs understand their financials: Woon Choy”, noted that notwistanding the focus on financials, governance and support structures, companies need to be organised to be positioned for growth, especially on the JSE.

“If you properly organise yourself, the funding cost will come down and you will raise the funds you need, and quickly,” he said, adding that the growth experienced should enable companies to have the resources and expertise needed for control purposes.

Steven Marston, chairman and CEO of CAC 2000 Ltd, in his address, provided balance for both views.

“When people get to know us, one of the things that surprises them is how structured and organised we are,” he said.

“A few years ago we made the decision to appoint a majority of independent members to our board, one of whom is Teddy Alexander of tTech… This board change further galvanised our management team and improved our corporate governance structure … with their help and the expert guidance of our IPO team it meant that, once we decided to list, it was a smooth and quick process,” Marston added.

“We have no doubt that the listing of CAC 2000 will bolster our balance sheet; we anticipate further improvements in corporate governance,” Marston asserted.

Another benefit of enlisting, Alexander pointed out, was the opportunity that staff members gained from owning shares in the company, as “this was a goal from the inception as we believe that you think and act differently when you have a stake in the company where you work.

“We are doing our best to select and develop great people. By so doing, we will develop a great company which will contribute to making Jamaica the great country that we all know it has the potential to be.” He also thanked them for being dedicated,hard-working and loyal.

Alexander also attributed tTech’s enlisting to the JSE Junior Market, the first information technology company to do so, to “the maturing of

the market and the Jamaican economy”.

“You cannot have great countries without great companies, and you cannot have great companies without great people,” Alexander stated.

“The confidence shown in tTech by our shareholders and customers over the years is an investment in Jamaica, and I will assure all stakeholders that we at tTech will do eveything in our power to ensure that this confidence is justified.”