“I am extremely pleased to welcome you all to the Exchange to celebrate with the Sagicor Select Fund Limited team on their success in raising $4B, culminating in the listing of these securities on the Main Market of the Exchange”. That was the opening statement by Mrs. Suzette Whyte, Finance Controller JSE Group as she welcomed the large audience to the fourth listing on the Main Market for 2019 and the eleventh across all Markets year to date. Main Market now has 56 securities and the total number of companies listed on the JSE has increased to 83, with 118 securities listed overall.
Mrs. Whyte further highlighted that “the offer which opened on July 3rd and closed on July 16th was oversubscribed by approximately 60% with over 20,000 shareholders.” She further stated that, “these Class B Shares which are being listed today will primarily invest in securities that are listed on the JSE Junior and Main Markets and its investment objective is to track the Financial Index which is an index recently established by the JSE. The Sagicor Select Funds Limited will trade under the symbol SELECTF”.
Investors will be able to track the value of the Financial Index, the Net Asset Value (NAV) and the price of the Financial Select Fund on a daily basis. These statistics will be published on the Websites of the JSE and the Sagicor Investments Jamaica Ltd.
Chief Executive Officer of Sagicor Investments Jamaica, Mr. Kevin Donaldson, in his remarks noted that the over 20,000 investors who participated is an indication that their message is well received but their target is to growth that number significantly. Mr. Donaldson also announced that Sagicor Investment will be undertaking a series of education engagements to increase the knowledge of investors before the next series of similar Fund.
Mrs. Natalie Brown, Assistant Manager, Capital Markets Sagicor Investments Limited, in her closing remarks stated that, “the mantra for Sagicor Investments is “create, grow and preserve wealth” and sure enough the creative spirit of our mantra is alive with the creation of this newly Listed Equity Fund. As lead arranger and lead broker for this venture, we are proud to not only see the establishment and listing of this IPO, but we were also delighted to see that it had surpassed its target by being oversubscribed”.