Managing Director of the JSE, Mrs. Marlene Street Forrest, was ecstatic as she welcomed Future Energy Source Company (FESCO) which is the first fuel distribution company to list on the JSE and it is also the first Junior Market Listing since the start of the year 2021.
Mrs. Street Forrest highlighted some significant milestones of this listing and stated that, “the Company’s prospectus was published on March 24, 2021. The offer opened on March 31 and closed the following day due to oversubscription. We are pleased that the company during a period of pandemic and general market uncertainties, raised $400 million and now has a total of 4, 495 shareholders.”
The JSE’s Managing Director further noted that FESCO’s listing today increases the total listed securities on all markets to 129. The number of companies listed on the Junior Market moves to 42 and the total number of companies listed on the JSE across all markets is 93. As of April 23, 2021, the market capitalization of the Junior Market amounted to $147.15 billion. The market capitalization of FESCO amounts to $2 billion; therefore, the market capitalization of the Junior Market will increase to $149.15 billion, and the overall market capitalization on the combined markets will increase to $1.73 trillion at the start of day on Friday, April 23, 2021. Including the $400 million raised by FESCO, the total capital raised by the companies listed on the Junior Market amounts to $12.6 billion.
“Today we are witnessing a major milestone in the development of our company – Future Energy Source Company (FESCO), shares get listed on the Junior Market Board of our Jamaica Stock Exchange. A proud and privileged moment for us, the five of us with the vision just seven (7) years ago”. were the words expressed by an emotional chairman of FESCO, Mr. Lyden ‘Trevor’ Heaven at FESCO’s listing ceremony at the JSE this morning.
The Chairman stated that “FESCO is a 100% proudly Jamaican owned company with over 120 cumulative years of experience in the Gasoline retail trade. We proudly declare that we have surpassed all our targets from the very day we started and continue to exceed expectations and growth projections even in reduced commercial activities in a pandemic. After just 7 years of hard work, we have clearly demonstrated robust, rigorous resolute grit to successfully established a good reputation in this industry by putting into practice our will to attain our vision of being the foremost, leading highly accomplished, and fully diversified company for all our shareholders”.
In his closing remarks VP Investment Banking, NCB Capital Markets Ltd., Mr. Herbert Hall referred to this listing as “a bitter sweet journey this has been for us.” He said that the company showed great resilience and fortitude but ladies and gentlemen today, is a good day and for that, we are very thankful, we have jointly navigated successfully.”
He went on to state, “Our investors have expressed confidence in FESCO and our capital markets. We know, Jamaicans, investors included, are hard-pressed for disposable income, especially amidst a still raging pandemic. That you have chosen to input your hard-earned funds in the capital markets is not only a shot of confidence but also your dedication to building Jamaica.”
In closing, Mr. Hall pointed out two upgrades to the NCB Capital Market Ltd., GoIPO platform. Clients with missing KYC information and other documents can be added electronically during the account opening process. The second upgrade now also includes biometric capabilities such as ID scanning and verification. He indicated the this will eliminate the need for any in-branch visits, making the investment account opening process fully digital and fully accessible to those who want to open an investment account.