“We are happy the Company, (GHL) decided to relist its ordinary shares and we hope we will assist you in creating the value that every company seeks to receive from listing on an Exchange”, were words from the Managing Director of the JSE, Mrs. Marlene Street Forrest, in her welcome to the virtual audience and those on location.
The JSE’s Managing Director further noted that, this listing today by Introduction, of Guardian Holdings 232m Ordinary Shares Units with Market Capitalization of approximately J$135b, has increased the market capitalization on the combined markets by approximately 7%. This makes Guardian the 3rd largest company on the Exchange, measured by market capitalization. The market capitalization of the main market now stands at $1.73 trillion, and the market capitalization of the combined market is now $1.88 trillion.
The ordinary shares of GHL are listed on the Trinidad and Tobago Stock Exchange and the stock closed yesterday at $25.51. Effective today, GHL will start trading on the JSE using the symbol GHL at a price of $582.48. Including the ordinary shares of GHL, the total number of securities will increase to 130 securities.
Mr. Ravi Tewari, Gaudian Holding Group CEO, in his remarks, stated that “This is a very significant day for us at Guardian Holdings. It is significant because it fits very well into our future. Guardian has an impressive past. We are almost 175 years old, and we are the largest insurance group in the Caribbean. But we are not a company that spends too much time reflecting on the past. We are focused on building a bright future, and our vision for the future is clear. We aspire to be a company with the service and operational efficiency to compete with any company anywhere in the world. We aspire to be the employer of choice for Caribbean people creating unprecedented opportunities for the younger generation, and we aspire to be the most profitable company in the Caribbean”.
In closing, Mr. Tewari noted that Guardian is a Caribbean company, which is proud of its operations all across the Caribbean especially Guardian Life Limited and Guardian General Jamaica. He noted that the Jamaican economy is an exciting one, a place of growth, and a place of innovation. So, Guardian Holdings is privileged and honoured to be listed on the JSE.
Vice President Investment Banking, NCB Capital Markets Ltd., Mr. Herbert Hall referred to this cross listing as “A big deal for our investors both locally and regionally. Investors will not only get to benefit from the most robust, most liquid, and most buoyant equities market in the Caribbean but also have the opportunity to participate in a company that has a footprint spanning approximately 22 countries across the Caribbean.” Mr. Hall went on to highlight that, “Seven (7) years ago, GHL voluntarily delisted from the JSE due to illiquidity in the company’s stock, after being listed in September 2000. A number of our Broker dealers including NCBCM, have evolved into large market makers which will allow for the proper functioning and supply of securities in our market. Therefore, we are not worried about illiquidity and we know that in the world of investment, timing is crucial”.