Double Listing on The JSE’s Main and Junior Market

The Jamaica Stock Exchange (JSE) saw another historic day on Tuesday September 29, 2020, when Transjamaican Highway Cumulative Redeemable 8% Preference Shares and Tropical Battery Limited Ordinary Shares were listed on the JSE Main and Junior Market, respectively.

Mrs. Marlene Street Forrest, Managing Director of the JSE stated “I am pleased that both investors and issuers have seen that there are still viable opportunities in the market and that commerce must go on in spite of COVID19. I am encouraged that even now our brokers and potential customers are preparing to list more securities on the market and to take advantage of the liquidity that exists evidenced by based on the oversubscription of the securities recently offered.

NCB Capital Markets VP and Head of Investment Banking for Jamaica and the Northern Caribbean; Mr. Herbert Hall, stated “we are extremely delighted with the response from our investors who have recognized the significant value in these securities and have decided to invest despite the pandemic. We thank the Board, management and staff of TransJamaican Highway Limited and Tropical Battery Limited for reposing great confidence in our ability to execute their transactions successfully. We will continue to bring “pandemic resilient” opportunities to our clients as we help them to navigate these unusual times while assisting with re-energizing our market.

In July 2020, the National Road Operating and Constructing Company Limited made an Offer by private placement of 2.7 billion units of the Transjamaican Highway Limited 8% Cumulative Redeemable Preference Share. The offer closed successfully with the Company having 48 preference shareholders. The instrument will be redeemed in full in 2030, with an option for partial redemption commencing in year 6. Dividend payments
will be made quarterly and the next payment will be made on September 30, 2020. The shares will trade under the symbol TJH8.0. Transjamaican Highway Limited listed its ordinary shares on the JSE Main Market and JSE USD Equities Market in March 2020.

Tropical Battery Company Limited, Prospectus was published on September 14, 2020 and the Offer opened on September 22, 2020. The Offer closed on the same day due to oversubscription of approximately 50%. The offer which was at an invitation price of JA$1.00 per share, will trade under the name TROPICAL. The offer was for 325 million units valued at $325 million.
The success of these Offers can be attributed in part to the lead broker NCB Capital Markets Limited dedication to grow the capital markets. NCB Capital Markets Limited has successfully listed three (3) securities on the JSE in 2020.


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