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FirstRock Capital Holdings Limited Proud to be the First Company Listed for the Year and the New Decade

FirstRock Capital Holdings Limited became the first company to list its shares on the Board of the Jamaica Stock Exchange (JSE) for the year and for the new decade when it lists US$9M Class A shares and JD$580.84 million Class B shares on the US$ Market and Jamaica Dollar Market, respectively.

Today, FirstRock Capital Holdings Limited became the first company to list its shares on the Board of the Jamaica Stock Exchange (JSE) for the year and for the new decade when it lists US$9M Class A shares and JD$580.84 million Class B shares on the US$ Market and Jamaica Dollar Market, respectively. The offer was oversubscribed, with 2,501 shareholders participating in the Initial Public Offer (IPO), which resulted in First Rock raising approximately US$13 million.

Mrs. Marlene Street Forrest, Managing Director of the JSE, at the listing ceremony, held at the JSE, 40 Harbour Street, stated “I wish to encourage and remind FirstRock and other companies listed on the Exchange that a listing is but a journey and not the destination as there are other opportunities for fundraising and listing via bonds, preference shares and rights issue. We recommend that you simply take advantage of the market. In doing so, remember to concentrate on providing value to your shareholders by not only concentrating on the bottom line but also focusing on good corporate governance and corporate social responsibility which in turn will drive profitability”.

The President and Founder of FirstRock Capital Holdings Limited, Mr. Ryan Reid, stated that he wanted to list a company on the market that would allow Jamaicans to participate, have good tax benefits and assist in driving the economic growth of Jamaica. The listing of FirstRock on the Board of the Exchange was a dream come through and with this FirstRock promises to drive growth in the company and increase shareholders’ value over the long term.

The Hon. Daryl Vaz, Minister without Portfolio in the Ministry of Economic Growth and Job Creation, stated that, “As the economy develops and new sectors, industries and products are needed to meet the demand of a growing population, the Stock Market, is clearly one of the means that companies will increasingly use as the medium to meet the capital needed for expansion. This, of course, will require that companies have the necessary financial data available to meet the scrutiny of investors looking for new investment options.  This will see the evolution from more family dominated businesses to wider ownership structures”. 

Speaking at the event, Mrs. Mischa McLeod Hines, Assistant Vice President, Capital Markets at Sagicor Investments Jamaica Limited stated “FirstRock, being a real estate entity joins other market players but will have the distinction of creating value for shareholders as it will invest in the economies of Jamaica, Cayman Islands, Costa Rica and the USA. The Company has already built a strong asset base, by owning eight properties and plans to continue on this trajectory to acquire additional properties in the coming months. With that said, FirstRock Capital Holdings Limited is poised to significantly contribute to the development of Jamaica.”