Colossal Holdings IC lists $2.01 billion on Jamaica Stock Exchange Private MarketFriday, May 07, 2021
Colossal Holdings IC cumulative redeemable preference shares due 2022, valued at $705.67 million, and the senior secured 4.25 per cent fixed-rate bond, valued at $1.31 billion with a combined total value of $2.01 billion, is the second set of securities to list on the Jamaica Stock Exchange (JSE) Private Market.
“Today has been another eagerly anticipated day by our exchange ever since we launched the JSE Private Market on January 11, 2021 and had our first listing of two securities in February of this year.
“With the listing of these two securities today (Thursday, May 6), the value of securities listed on the private market will increase to $9.00 billion, which is approximately 5.8 per cent of the market capitalisation of the Junior Market. We are also pleased to inform you that to date, the market has seen significant activities resulting in 13 trades in April valued at $8.67 billion,” Marlene Street Forrest, managing director of the JSE, said in her remarks at the hybrid listing.
Street Forrest also reminded stakeholders that the Private Market will provide investors with the opportunity to list bonds and equity securities that are in accordance with the Financial Services Commission (FSC) Guidelines for Exempt Distribution.
“From the corner shops to the board rooms, investment opportunities are being discussed in every area of society. Investment penetration is increasing. That is a significant milestone in our financial development history. But we have to keep running and to remain relevant, and markets have to keep developing. This development can only be propelled through continued innovation, investor education and engagement,” said a buoyant Simone Hudson, assistant vice-president, Alternatives and Fund Management, at NCB Capital Markets who represented Colossal Holdings IC at the ceremony.
Chief operating officer at NCB Capital Markets, Tracy-Ann Spencer in her remarks, said: “We also know that private issuances have been around for decades. However, what the JSE's private market platform allows for is marketability for issuers, liquidity and transparency for investors, ease of trading and increased market participation for brokers. It's a win-win, win. It helps to unlock illiquid capital leading to greater wealth creation”.
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