Cable Bahamas First Bahamian Company to be Listed on the JSE

Posted: June 3, 2017 at 11:16 am

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Insertion of the Company’s strip by Mr. Kino Williamson, Head of Finance, Cable Bahamas Limited (CAB). Witnessing the event are (L-R) Mr. Dylan Coke, VP Origination & Capital Markets, Scotia Investments Jamaica Limited; Mr. John Gomez, CAB’s Chief Operating Officer; Mr. Lissant Mitchell, Senior VP Wealth Management – Scotiabank Group Jamaica & Chief Executive Officer – Scotia Investments Jamaica Limited and Mr. Neville Ellis, Marketing & Communications Manager, Jamaica Stock Exchange.

Cable Bahamas became the first Bahamian company to list on the Jamaica Stock Exchange (JSE) with the listing of the two classes of preference shares by way of Introduction. 4,090 preference shares were listed for the Series 11 – 8% Fixed Rate preference shares on the US Dollar Equities Market and 1,349 of the Series 11 – 8% indexed fixed rate preference shares were listed on the Main Market.  In total, 5,439 Series 8% fixed rate preference shares were listed and will mature on June 30, 2023. The value of the Series 11-  8% fixed rate preference shares that were listed on the US Dollar Equities Market amounts to US$4.090M and the value of the Series 11- 8% fixed rate indexed preference shares that were listed on the Main Market amounted to $1.34 B. 

The listing of Cable Bahamas Limited (CAB) increases the total listed companies to 35 and the total listed securities to 44 on the Main Market.  The total companies listed on the US Dollar Equities Market increases to five (5) and the total number of securities listed increases to six (6).  Including CAB, there are now 66 companies representing 88 securities that are listed on the JSE combined markets.

The JSE’s Managing Director, Mrs. Marlene Street Forrest speaking at the event stated, I wish to congratulate Cable Bahamas and also to acknowledge and congratulate Scotia Investments Jamaica for their part in taking these securities to be listed by Introduction in Jamaica.  This will no doubt encourage other companies within Bahamas and elsewhere in the Caribbean to contemplate cross listings. Likewise, this presents even a greater opportunity for us to engage our Bahamian counterparts in bringing their securities to our investors. We see untapped opportunities, which both Jamaica and the Bahamas Stock Exchange can pursue for the benefit of the region”.

Mr. John Gomez, Chief Operating Officer, Cable Bahamas, speaking at the listing ceremony, stated that Cable Bahamas started operation in 1994 and in 2014 bought several Cable Companies in the USA. This he said was unprecedented as Cable Bahamas was one of the first English Speaking Caribbean Company to make such a move. He further stated that Cable Bahamas is now expanding into the Caribbean Region, making the Company a truly international company. He assured shareholders that Cable Bahamas would continue to work hard to ensure that their returns on investment are maximized and that the Company will remain true to its mission.

Mr. Lissant Mitchell, CEO, Scotia Investments, told the audience that Scotia Bank is in 19 Caribbean countries and that Bahamas is one of those countries. He was happy to report that Scotia Bank has an excellent relationship with Cable Bahamas and that Scotia Investments Jamaica being a part of the group also shares in that relationship.  Scotia Investments based on their wide client base was able to introduce Cable Bahamas to their clients and then to the Stock Exchange, which led to today’s listing. He expects that Cable Bahamas will do well in Jamaica and continue the great work they are doing in Bahamas and bring positive returns to their shareholders.

 

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