Key Insurance Company Limited Sixth Junior Market Listed for 2016
Key Insurance Company Limited is the sixth company to list on the Jamaica Stock Exchange’s (JSE) Junior Market for 2016 and the twenty-ninth company to list on the Junior Market, on Thursday, March 31, 2016.
The Offer opened on March 29, 2016 at 9:00 a.m. and closed on March 29, 2016 at 9:01 a.m. and was oversubscribed by 19.4%. The Company raised $234.19 million and increased the number of investors in the company by 153. Key Insurance Company is the second General Insurance Company to be listed on the Junior Market with General Accident Insurance Company being the first.
“Team Work Makes the Dream Work” This was the opening statement by Mrs. Marlene Street Forrest, General Manager, JSE, in her welcome to the audience and in reference to the effort of the team comprising the Key Insurance Company Board and Management, Companies Office of Jamaica (COJ), Financial Services Commission (FSC), Patterson Mair Hamilton, Jamaica Central Securities Depository Registrar Services Unit (RSU), the JSE Listing Committee and the JMMB Group Limited who all played a critical role in ensuring the successful listing of the Company within a short time span. Mrs. Street Forrest continued in her welcome to state that “Key Insurance Company will list today 368,460,863 ordinary shares and will begin trading under the symbol KEY and at a price of $2.27.
Ms. Sandra Masterton, Managing Director of Key Insurance Company Limited stated that “Key Insurance Company Limited was born out of the vision of its late founder Mr. Sonny Gobin in 1983. She noted that at the end of 2015 the Company’s net worth stood at approximately $881,000,000, a 6% growth over the previous year.” In closing Ms. Masterton assured investors that “we are committed to constantly improving what we do and how we do it, through our dedication to our core business and our customers.”
Representing the lead Broker JMMB Group Limited, Mr. Karl Townsend, Chief Country Officer Capital Markets Jamaica, thanked all the persons who worked in making the listing a reality especially the dedication of the JSE, FSC and the COJ and his JMMB Group Limited sales team. He referred to the listing as a miracle given the time from the closing of the offer to listing the company.
