GWest lists on JSE
GWest Corporation Limited officially listed on the Jamaica Junior Stock Exchange Market last week as the first medical multi-purpose facility.
The company listed 484,848,485 ordinary shares at a price of $2.50. The offer, which was for 169,689,500 units valued at $424.2 million was oversubscribed by 41.3 per cent.
“We wish to encourage investors to take advantage of the secondary market opportunities that are always available. We wish to see more investors not only invest at IPO but appreciate that there is an aftermarket for these securities,” said managing director of the Jamaica Stock Exchange, Marlene Street Forrest, during the listing ceremony.
GWest attracted more than 1,300 new investors before listing on the market. The medical company listed with a view to raising additional capital to expand the business.
“We also felt that it was important to allow the public to participate in our project. In order to take the business to the next level, we decided this was the best way to go,” chairman and managing director for GWest Corporation Limited, Dr Konrad Kirlew, said.
Kirlew also used the opportunity to announce Richard Barrow as the new general manager of the GWest Corporation and future plans that could include returning to the stock market.
The short-term plans for the team focus on completing the facility in Montego Bay. Over the long term, GWest plans to replicate the concept of this multi-purpose, technologically advanced medical facility in other areas of Jamaica and in the Caribbean.
GWest Corporation Ltd is the fifth company to list on the JSE Junior Market in 2017. GWest brought the total number of companies listed on the JSE to 69. Companies listed on the Junior Market have now raised $7.4 billion as at December 20, 2017.
The GWest Centre was established by a group of Jamaican medical and business professionals – Dr Konrad Kirlew, Wayne Gentles, Dr Ladi Doonquah, Elva Williams-Richards, Dennis and Denise Samuels. Housed in a modern multi-purpose commercial complex, the GWest concept is to provide a range of high-quality medical services in the same location to an international standard.
Services of the private medical facility include an Urgent Care Centre, the Heart Smart Centre, Zierlich Renal Dialysis, Radiology West, NorthCoast MRI, a clinical laboratory, facial and oral surgery, general dentistry, general practitioner and paediatric services, ob-gyn services, orthopaedic surgery, urology and a 24-hour drive-through pharmacy.
The second phase of the centre will introduce a modern Outpatient Surgery Centre and an eight-bed in-patient unit.