Corporate Strategy Spurs Name Change for FirstRock

FirstRock Capital Holdings Limited changed its name to FirstRock Real Estate Investments Limited on the Jamaica Stock Exchange (JSE), on July 26, 2022, with a celebratory name-changed ceremony at JSE, 40 Harbour Street, Kingston. The Company’s shareholders approved the Resolution to change the Company’s name at its Annual General Meeting held on June 2, 2022. The listing/trading symbol on the Exchange will remain FirstRock JMD.

Dr. Marlene Street Forrest, Managing Director of the Jamaica Stock Exchange, at the renaming ceremony, congratulated First Rock on taking this significant decision to change its name.

“The objective is for FirstRock to chart new paths. Charting new paths is no stranger to this Company and we are witnessing the successes it is blazing along the way.  If history is our best teacher, then shareholders will be anticipating more positive changes going forward as the company positively transition.

“A renaming exercise gives a company the opportunity to reinforce its message of change. We wish to congratulate the Company for being one that inspires investors’ confidence, and we wish them well as they chart their new strategic journey.  We welcome you today as FirstRock Real Estate Investments Limited,” continued Dr. Street Forrest.

Chairman of FirstRock Real Estate Investments Limited, Mr. Norman Reid, explained to the audience the business decision leading to the Company’s name change. He first commended Dr Street Forrest for demonstrating infinite wisdom with her comments during the Company’s initial listing ceremony, two and a half (2½) years ago, on February 21, 2020, when she advised the Company’s executives that “The listing ceremony is but a journey and not the destination.

“First Rock began as an investment holding company with a core focus on real estate assets. However, about a year into the Company’s journey, we took the strategic decision to separate the private equity and real estate business lines. This separation of the business lines necessitated a change in company name which clearly reflects its core business, real estate,” said the Chairman.

“We are committed to our vision to capitalize on investment opportunities, which will enable us to constantly increase shareholder value and deliver above average returns. We are very proud to report that our total assets as at March 31, 2022 have grown to US$54.86M which means that we are more than halfway to our asset target of US$100M in the first five years. We are excited about the future of FirstRock Real Estate Investments Limited.”

Co-founder and Director Dr. Michael Banbury, spoke similarly as the Chairman, “The name change plays an important role in our corporate strategy as we clearly delineate our different business lines within the FirstRock Group of Companies.

“One thing will remain unchanged – the focus on our ultimate goal of delivering value to our shareholders … we are more than halfway to our corporate asset target of US$100 million in the first five years of operation. In fact, of our companies combined, we have hit US$75 million in assets to date.”

Newly renamed First Rock Real Estate Investment Limited is part of the FirstRock Group of Companies and was co-founded by Ryan Reid and Dr. Michael Banbury. True to its name, in February 2020, First Rock was the first company to list its shares on the Board of the Jamaica Stock Exchange for that year and for the new decade. Its public offer was oversubscribed with 2,501 shareholders participating in its Initial Public Offer.