Double Listing on the Jamaica Stock Exchange (JSE)
On Thursday, December 18, 2014, 138 Student Living Jamaica Limited listed both its Ordinary and Preference Shares on the Board of the Exchange. With the listing of 138 Student Living Jamaica, there are now seventy (70) securities listed on the Boards of the JSE. This company was able to raise over half-a-billion Jamaican dollars within a week in what can only be considered a very challenging economy”.
Mr. Levy went on to encourage the Jamaican Government and business persons to drive economic growth through the financial market and especially through the Stock Market. He noted that most businesses in Jamaica failed because of lack of capital and particularly equity capital, which the JSE is able to facilitate. He noted that many entrepreneurs repeatedly go the route of debt financing, which oftentimes leads to difficulty in growing their businesses.
Mr. Kingsley Thomas, Director of 138 Student Living Jamaica, thanked JMMB for having the foresight to take a vary innovative idea to market. He stated that the company will be building over 1500 housing accommodation for students on the Mona Campus and was on course to deliver the first 500 units in July 2015. He also stated that in 2015, with the capitalization of the company, the company will be announcing more innovation projects to its shareholders and the public at large. He assured the shareholders that the company will be doing everything in its power to ensure a positive return on their investments.
JMMB Securities chief Country Officer, Mr. Karl Townsend, speaking at listing ceremony stated that when 138 Student Living came to JMMB with the idea, they were very excited to bring the company to market, as they saw the idea as very novel and innovation with great possibilities. Therefore, they package the idea and made it saleable to investors. JMMB then undertook a road show all across Jamaica and the end result was that the offer was not only taken up by ordinary investors, but by pension funds and other institutional investors, allowing for the offer to be fully subscribed. he further stated that companies should be looking towards the equities market for financing as equity capital offers more advantage to businesses than debt financing. Mr. Townsend went on to say that JMMB Group was committed to bringing more companies to market in 2015 and that they were working assiduously to achieve this goal.