The Jamaica Stock Exchange (JSE) has listed cumulative redeemable eight per cent preference shares for TransJamaican Highway Limited and common shares for Tropical Battery Limited on its Main and Junior Market, respectively.
The TransJam shares was a listing by introduction, while Tropical Battery’s follows that company’s initial public offer.
In July 2020, the National Road Operating and Constructing Company Limited made an offer by private placement of 2.7 billion units of the TransJamaican Highway Limited per cent cumulative redeemable preference share.
The offer closed successfully with the Company having 48 preference shareholders. The instrument will be redeemed in full in 2030, with an option for partial redemption commencing in year six.
Dividend payments will be made quarterly and the next payment will be made on September 30, 2020. The shares will trade under the symbol TJH8.0. TransJamaican Highway Limited listed its ordinary shares on the JSE Main Market and JSE USD Equities Market in March 2020.
Tropical Battery Company Limited’s prospectus was published on September 14, 2020 and the offer opened on September 22, 2020.
The offer closed on the same day due to oversubscription of approximately 50 per cent. The offer which was at an invitation price of JA$1.00 per share, will trade under the name TROPICAL.
The offer was for 325 million units valued at J$325 million.
Managing Director of the JSE, Marlene Street Forrest, stated at the double listing, “I am pleased that both investors and issuers have seen that there are still viable opportunities in the market and that commerce must go on in spite of COVID19. “I am encouraged that even now our brokers and potential customers are preparing to list more securities on the market and to take advantage of the liquidity that exists evidenced by based on the oversubscription of the securities recently offered.”