Trinidad and Tobago-based Guardian Holdings Limited (GHL) has set its sight on cross-listing on the Jamaica Stock Exchange (JSE) in an effort to take advantage of the buoyancy of the trading platform.
In a notice on the Trinidad and Tobago Stock Exchange, through which it already trades equity, the GHL informed that its board had reached the decision to cross-list on the JSE on March 4, 2021.
“The board considered that trading on the JSE has become increasingly dynamic over the years, with a relatively large number of new listings and increased public enthusiasm toward equities,” Richard Avey, corporate secretary, stated in the notice.
In recent years, the JSE has ranked among the best-performing stock exchanges in terms of return on investment, most notably, in 2018, when Bloomberg dubbed it “World’s Best-Performing Stock Market”.
According to the publication, the JSE Main Market “rose 29 per cent in US dollar terms, the most among 94 national benchmarks”, and between 2013 and 2018 stocks had risen 300 per cent in value.
A year later, in 2019, Bloomberg ranked the JSE as the fifth-best performing stock exchange globally.
Moreover, the JSE has had its fair share of cross-listings, among them GHL, which delisted in 2013. At the time of the delisting, then GHL Chairman Arthur Lok Jack cited that only 1.5 per cent of the company’s totals share issue was traded on the JSE.
Since its delisting, GHL has changed ownership after Jamaica-based NCB Finanical Group acquired majority shareholding in 2019. The company has also returned to the Jamaican market, having listed two corporate bonds worth JM$7 billion the JSE’s Private Market
Now, however, as the company looks forward to again cross-listing its equity on the JSE, it is confident of a more vibrant take-up of its shares.
“The GHL board expects strong interest in GHL shares [from] the Jamaican public,” the notice stated.