Caribbean Cream Ltd (CCL) KREMI, IPO to List on the JSE Junior Market Closed Today May 1, 2013, at 9:01 am

 FOR IMMEDIATE RELEASE

 

 

The Invitation for Subscription for 75,713,623 Ordinary Shares at the Invitation price of J$1.00 Caribbean Cream Limited (the “Company”) made subject to the prospectus dated Tuesday April 16, 2013, which opened Thursday April 25, 2013 and closed at 9:01 am today, May 1, 2013.

 

The Invitation was oversubscribed, and in excess of 375 applications were received.

 

Applicants (inclusive of Applicants for Reserved Shares) will be advised of the basis of allotment within three (3) business days in accordance with the Junior Market Rules.

 

The closing of the Invitation represents a landmark event for the company’s expansion as CCL recently signed a $13 million deal with Sandals Resorts International as the sole supplier of bulk ice cream to its Jamaican properties.

 

CCL has also brokered a successful transaction with getting its products into Jewel Resorts.

 

In response to CCL’s IPO closing Lamar Harris, Manager of Investment Banking at Stocks & Securities Ltd, stated “The success of another manufacturing company to raise capital bodes well for continued growth of the sector and Jamaica; we here are at SSL are elated to be able to bring it to fruition.”

 

The closing of the Invitation represents SSL’s 4th client IPO and the company anticipates that this will be its 4th listing on the JSE Junior Market since 2011.

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