Guardian Holdings Limited (GHL) become the third-largest company by capitalisation on the Main Market of the Jamaica Stock Exchange (JSE) after its relisting on April 5, 2021.
It listed 232 million ordinary shares units with a market capitalisation of approximately JM$135 billion, increasing the overall market capitalisation of the JSE by approximately seven per cent.
According to JSE Managing Director Marlene Street Forrest, the listing by introduction has increased the market capitalisation of the Main Market to JM$1.73 trillion. Including the Junior Market, the JSE now carries a total market capitalisation of JM $1.88 trillion.
Presently, the largest company trading on the JSE is GHL’s parent, NCB Financial Holdings, with a market cap of JM$341.78 billion. In second place is Sagicor Financial Group at JM$189.65 billion
Scotiabank, Jamaica’s second-largest banking group, has a market capitalisation of JM$130.68 billion. Following is GraceKennedy Group, a manufacturing and financial conglomerate, which has a market cap of JM$87.52 billion.
The listing of Guardian, Street Forrest told the virtual audience and those on location, should help the company “in creating the value that every company seeks to receive from listing on an exchange”.
GHL’s ordinary shares are listed on the Trinidad and Tobago Stock Exchange and closed yesterday at TT$25.51.
Effective April 5, GHL started trading on the JSE using the symbol GHL at a price of JM$582.48 per unit. Including the ordinary shares of GHL, the total number of securities will increase to 130 securities.
“This is a very significant day for us at Guardian Holdings. It is significant because it fits very well into our future. Guardian has an impressive past. We are almost 175 years old, and we are the largest insurance group in the Caribbean,” Ravi Tewari, Guardian Holding Group CEO, stated.
“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.”
In closing, Tewari noted that GHL is proud of its operations all across the Caribbean, especially Guardian Life Limited and Guardian General Jamaica. He noted that the Jamaican economy is an exciting one, a place of growth, and a place of innovation.
Vice-President of Investment Banking, NCB Capital Markets Ltd, Herbert Hall referred to the cross-listing as “a big deal for our investors both locally and regionally.
“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 continued.
“Seven Years ago, GHL voluntarily delisted from the JSE due to illiquidity in the company’s stock, after being listed in September 2000. [Since then] 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,” Hall added.