Access Financial Services Lists on the Jamaica Stock Exchange Junior Market
(KINGSTON, October 30, 2009): Today, October 30, 2009 marks a significant milestone in the 40 year history of the Jamaica Stock Exchange, as for the first time a company has been listed on the Junior Market, since it was established in April of this year. Access Financial Services Limited is a provider of micro, small and medium sized business loans and personal loans among other services issued 5.4 million ordinary shares to the public in its Initial Public Offering (IPO). The offer was closed early due to immediate take up of the shares by the public.
Mr. Marcus James, Chief Executive Officer of Access Financial Services Limited, speaking at the listing ceremony stated, “We are honoured and delighted that Access is the first company to be listed on the Jamaica Stock Exchange Junior Market and the listing represents the realization of one of our strategic objectives. The establishment of the Junior Market of the Jamaica Stock Exchange is a very important innovation and is to be lauded. One of its main objectives is to provide an alternative means of financing for companies, thereby fueling the Jamaican entrepreneurial talent and entrenching the contribution of small companies to the economic development of Jamaica. I am confident that the Junior Market will play a pivotal role in Jamaica’s financial landscape as similar exchanges in Toronto and London have done, by providing equity based funding to small and medium enterprises”.
Mrs. Street Forrest, General Manager of the JSE, told the audience that “The Junior Market and Access are inextricably linked as the “new kids on the block”. The performance of Access Financial Services and the attention to transparency and good governance will pave the way for more Junior Market listings. This responsibility is enormous. Equally, the market will be observing whether the Exchange will provide proper regulatory attention. The Junior Market and the company will, for some time be on the financial market’s ‘watch- list’”.
Mr. Donald Wehby, Group Chief Operating Officer of GraceKennedy Ltd. and former Senator and Minister without Portfolio in Ministry of Finance & the Public Service, said that the Junior Market has given small and medium sized companies an opportunity to look at their debt to equity ratio and to make the necessary adjustments where appropriate. He saw the Junior Market as the best medium to enable these companies to unleash their entrepreneurial skills.
