At 10 am yesterday (9 am EST) the cross listing of Massy Holdings Ltd was initiated onto the Jamaica Stock Exchange (JSE).
The share trades under the symbol MASSY and opened with a listing price of J$2,463.08 or the equivalent of around $107.20.
“The cross listing represents a critical transaction for Jamaica and the region at large. Massy’s decision to cross-list, especially in this period of continued uncertainty related to COVID-19 is a major step towards building a more regional capital market, one that is far more intertwined and consequently, more robust and beneficial to companies throughout the Caribbean,” a release from Barita Investments stated.
“Since the announcement of its decision to cross list on the JSE in May 2021 by Massy and appointment of Barita and First Citizens Brokerage & Advisory Services as advisors in August 2021, our teams have worked together to deliver to shareholders and potential investors in Jamaica an attractive opportunity to invest in one of the largest and most diversified companies in the region,” it stated.
Terise Kettle, vice president, investment banking at Barita said what Massy presents to the Jamaican investor is an opportunity to widen their portfolio exposure to industries that are currently unrepresented or underrepresented on the JSE.
“Beyond industry diversification, Massy will allow investors on the JSE an opportunity to diversify their portfolios geographic holdings, as Massy operates in more than 15 countries in the Caribbean Basin with most significant contributions coming from T&T, Guyana, Barbados, Eastern Caribbean, Colombia, Jamaica and USA; offering investors an immediate foothold into these countries with the purchase of a single stock,” Kettle said.
Kettle said with the current size of its balance sheet and a renewed focus on growth, she sees Massy becoming one of the most global, Caribbean companies and that its listing on the JSE is just step one of a much larger, long-term, strategic plan.
General manager at First Citizens Investment Services Richard Look Kin noted, “This is an opportunity for Jamaican investors to not only participate in Massy’s financial success, but also in the group’s journey towards its purpose to be a: Force for Good, Creating Value, and Transforming Life.”
Executive director, president and Group CEO of Massy Gervase Warner said, “Our group has unlocked its formula for sustainable growth. We operate as a Conscious Investment Holding Company with clear focus on the three independently lead portfolios which are each globally competitive in their industries. We will continue geographic expansion in the Caribbean Basin as well as further investment in existing countries where growth prospects are most attractive.
“Future investments will be focused on our three main portfolios and the group is increasingly confident to start searching for global opportunities beyond the Caribbean Basin. While we have a considerable cash reserve and significant borrowing capacity to fund our growth plans, the cross listing on the JSE enhances our prospects for raising additional capital in the future to support our most ambitious aspirations for growth.”