After a seven-year hiatus, Guardian Holdings Limited (GHL) this week relisted on the Jamaica Stock Exchange (JSE) with 232 million ordinary share units valued at a market capitalisation of approximately $135 billion.

This makes GHL the third largest company on the exchange when measured by market capitalisation, now increasing value by some seven percent in the combined markets to $1.8 trillion and $1.7 trillion in the main market.

Following its official listing on Wednesday, GHL which delisted from the JSE in 2013 commenced trading at a price $582.48. The ordinary shares of the cross-listed stock, which also trades on the Trinidad and Tobago Stock Exchange, closed at $25.51 the previous day.

GHL which is a subsidiary of the NCB Financial Group—which has an almost 62 per cent controlling interest, is the parent company for integrated financial services company the Guardian Group.

Ravi Tewari, group chief executive officer (CEO) of GHL, the relisting of the stock with the JSE marks a significant milestone for the company and fits well with the future of the regional firm.

“Guardian has an impressive past. We are almost 175 years old, and we are the largest insurance group in the Caribbean. But we are not a company that spends too much time reflecting on the past. We are focused on building a bright future, and our vision for the future is clear.

“We aspire to be a company with the service and operational efficiency to compete with any company anywhere in the world. We aspire to be the employer of choice for Caribbean people creating unprecedented opportunities for the younger generation, and we aspire to be the most profitable company in the Caribbean,” he said during the listing ceremony this week.

He said that the group, through its Guardian Life Limited and Guardian General Jamaica subsidiaries, will continue to add value to the local and regional economies.

“We are happy that GHL decided to relist its ordinary shares and we hope we will assist it in creating the value that every company seeks to receive from listing on an exchange,” said Marlene Street Forrest, managing director of the JSE.

Vice-president Investment Banking, NCB Capital Markets Limited, Herbert Hall said that the cross listing was a big deal for our investors across the Caribbean.

“Investors will not only get to benefit from the most robust, most liquid and most buoyant equities market in the Caribbean, but also have the opportunity to participate in a company that has a footprint spanning approximately 22 countries across the Caribbean,” he said.

“Seven years ago, GHL voluntarily delisted from the JSE due to illiquidity in the company’s stock, after being listed in September 2000. A number of our broker dealers, including NCBCM, have evolved into large market makers which will allow for the proper functioning and supply of securities in our market. Therefore, we are not worried about illiquidity and we know that in the world of investment, timing is crucial,” he further added.

The Jamaica Observer Business Report understands that NCB Capital Markets will actively pursue the security of the GHL stocks in order to ensure that stocks are held by as many individuals as possible.