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Caribbean Assurance Brokers Limited – First Company to list on the Junior Market for 2020

Today, Caribbean Assurance Brokers Limited (CAB) listed its ordinary shares on the Jamaica Stock Exchange’s (JSE’s) Junior Market at the invitation price of JA$1.91, after raising equity capital of $100 million, and increasing their total shareholders to 3,245. The offer was oversubscribed by over 1500%. This listing today has increased the total listed securities on the markets of the JSE to 124. Including CAB, the symbol name for Caribbean Assurance Brokers Limited, the number of companies listed on the Junior Market is now 41 and the total number of companies listed on the JSE combined markets is now 88.

Mrs. Marlene Street Forrest, Managing Director of the JSE, at the listing ceremony, held at the JSE, 40 Harbour Street, stated “I am very pleased that you could be here today to participate in the listing of Caribbean Assurance Brokers Ltd. Today, is extra special for us at the JSE, as this event represents the third security to be listed within the first three months of the year. However, this is more so special as it is the first security to be listed on the Junior Market since the start of the year. We are excited to have CABROKERS as a member of our growing family. Let me also take this opportunity to encourage other brokers to find and encourage other companies to raise capital and list. The economic conditions are still good and investors thinking of the long-term are looking for viable companies in which to invest.”

Chairman & CEO of Caribbean Assurance Brokers Limited, Mr Raymond Walker, stated that CAB is an innovative Company. “We started the Company by having innovative products for which we have the distribution rights not only in Jamaica but across the region. We also ensured that we had a relationship with our reinsurers, which most Brokerage don’t have in starting. To show our innovativeness, most of our energy comes from renewables and that helps to cut the cost of our electricity bill. We are very happy to have had an over subscription of our stock by investors I now welcome all our new shareholders and we endeavour to create more value for them.”

Speaking at the event, Cedric Stewart Sales Manager, Mayberry Investments Limited, thanked all who were involved in ensuring the listing process went through smoothly and culminating in the listing of the Company today. He gave charge to CAB to ensure that the Company performs well as they now had the cash from the shareholders to expand and create more business opportunities, and the rules of the JSE which should guide them towards compliance, therefore, the onus was on them to create shareholder’s value.

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CONTACT:
NEVILLE ELLIS
Manager – Marketing & Communications
Telephone: 876-967-3271 (O) 876-322-0984 (C)