THURSDAY marked a monumental day in Jamaican history as Massy Holdings Limited cross-listed to the Jamaica Stock Exchange (JSE) at a market capitalisation of $243.77 billion to make it the largest ever cross-listing in the Caribbean.

The listing took place at the Jamaica Stock Exchange’s 17th Regional Investments and Capital Markets Conference held at the Jamaica Pegasus hotel. Massy’s was listed by introduction. It is the first listing on the Main Market this year and the first company to cross-list in 2022. It also pushed the market capitalisation of the Main Market to $1.95 trillion and the combined market cap to $2.1 trillion, a sum equivalent to Jamaica’s gross domestic product (GDP).

“It’s an extraordinary event today. This is the first time that we’re having the listing of a company at our event. A listing of a company is always an important and special event in the life of the Jamaica Stock Exchange. The exchange is delighted to list this company by introduction and welcome Massy as part of the growing family of companies that are here with the stock exchange. It’s a pleasure for me to be welcoming Massy and you all,” stated Managing Director Marlene Street Forrest in her opening remarks.

Massy became the 52nd company to join the Main Market and 97th company on the JSE. It also resulted in there now being 143 securities on the JSE. The cross-listing also puts the market one step closer to the $2.13 trillion record market capitalisation achieved before the novel coronavirus pandemic.

“On behalf of the JSE group, we wish to thank Massy Holdings for considering the market as a viable option for cross-listing of its company. We recommend that you simply take advantage of the market opportunities in Jamaica and in so doing, remember to concentrate on providing value to your shareholders and the country, and in general, not only focusing on the bottom line, but on improving environmental, social activities and job creation,” Street Forrest added.

Massy’s listing was made possible by the joint effort of Barita Investments Limited and First Citizens Investment Services Limited who won the bid in August to bring the company to the JSE. Massy is the second company to cross-list on the JSE in a year following Guardian Holdings Limited’s listing last May.

“During the period leading up to cross-listing, we ensured we got a deeper understanding of our client, their people, their culture and the environment in which they operate. This speaks to the ethos of Barita Investments Limited and First Citizens, and by extension, our investment banking units. The cross-listing of Massy on the JSE represents a critical transaction for Jamaica and the region,” said Barita Vice-President of Investment Banking Terise Kettle.

“Massy’s decision to cross-list during a period of uncertainty is a major step towards building a more regional capital market. In the spirit of collaboration, Massy, Barita and First Citizens teams worked together to deliver shareholders and potential investors an opportunity to invest in one of the largest and most diversified companies in the region….Massy operates in 15 territories offering investors an immediate foothold into those countries with the purchase of one single share,” Kettle added, on the nature of Massy’s listing to the market and region.

The listing was a significant moment for Massy President and CEO Elliot Gervase Warner who has led the business since November 2009. He explained the company’s shift from being a conglomerate to an investment management/holding company and the move to optimise itself through its core portfolio business as it prepares for its 100th anniversary next year. Massy Holdings used to be called Neal & Massy up to July 2014 with a deeper reach in Jamaica and the region before the rationalisation effort in 2018.

“I’d also like to acknowledge the Barita Investments team, especially Miss Terise Kettle, who has been tenacious, and her unending effort to make sure this was all executed flawlessly. I have to say that when we went through our competitive process to select our advisors for this process, First Citizens Investment Services and Barita were selected. Their proposal was the best that we received and really felt that they were the right team. That was confirmed, reconfirmed, and reasserted throughout this entire process. It’s an absolute privilege and pleasure to be cross-listing on the Jamaica Stock Exchange. This is a step in in our process of regional integration,” Warner closed.