Jamaica’s Colossal Holdings IC listed its cumulative redeemable preference shares due 2022 and senior secured 4.25 per cent fixed-rate bond on the Jamaica Stock Exchange (JSE) Private Marketat a hybrid listing ceremony held on Thursday, May 6, 2021
The listing is the second set of securities for the new market, which the JSE inaugurated on January 11 this year. The cumulative redeemable preference shares carry a value of JM$705.67 million and the corporate fixed-rate bond a value of $1.31 billion, combining for a total value of JM$2.01 billion.
JSE Managing Director Marlene Street Forrest, in her address at the event, noted that with the listing of these two securities today, the value of securities listed on the private market will increase to JM$9.00 billion, which is approximately 5.8 per cent of the market capitalisation of the Junior Market.
Street Forrest stated that since the launch of the new platform, the market has seen significant activities, with 13 trades in April valuing at JM$8.67 billion.
She noted that the new market is providing investors with the opportunity to list bonds and equity securities that are in accordance with the FSC Guidelines for ‘Exempt Distribution’.
“…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”— Tracy-Ann Spencer, chief operating officer, NCB Capital Markets
Assistant Vice-President, Alternatives and Fund Management, at NCB Capital Markets, Simone Hudson who represented Colossal Holdings IC at the ceremony stated that NCB Capital Market’s Structured Products Desk is providing investors with greater opportunities and access to attractive assets suited to a wide spectrum of risk appetites.
She said that investment solutions created by the structured products team offer higher yields than traditional investments and are tailor-made to meet specific needs and tax-efficient.
Tracy-Ann Spencer, chief operating officer, NCB Capital Markets, also gave remarks at the listing.
“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. It helps to unlock illiquid capital leading to greater wealth creation,” she said.