The JSE and JTI signed a MOU on the Junior Stock Exchange. Seated are Mr. Robert Gregory – President JTI & Mrs. Marlene Street Forrest- GM JSE. Looking on are L-R Ambassador Mazzocchi-Alemani, Head of the European Commission; Ms. Lisa Bell Deputy President JTI and Mr. Francis ‘Paco’ Kennedy, Chairman Private Sector Development Programme Steering Committee.
Please see below Mrs. Marlene Street Forrest’s (General Manager of the JSE) presentation at the MOU signing…..
JAMAICA TRADE & INVEST AND JAMAICA STOCK EXCHANGE MOU SIGNING.
Moderator: President Jamaica Trade & Invest: Mr. Robert Gregory
Minister of Industry, Investment & Commerce: Hon. Carl Samuda
Programme Manager –PSDP: Ms. Wynette Anderson
Members of the Media
Distinguished Ladies & Gentlemen – Good Morning.
Today marks an important day in the history of the Exchange and Jamaica Trade and Invest (JTI) as the JSE and JTI, through its Corporate Finance Broker Unit, strengthen our strategic alliance by the signing of this MOU. This important move signifies an understanding between our organizations that we can realize a common objective, that is, the growth and development of the economy through the capital market.
We share a common interest in ensuring that small and medium sized companies develop their internal processes in order to access the capital that is so vital to their business development and competitiveness. The CFB unit, which is geared at providing a wide range of technical services to these SME’s, provide the perfect complement to the JSE’s own operations.
Many of these companies which have the potential to access capital through the Junior Stock Market, also face the challenge of ‘readiness’ to list. Many are handicapped for example by not having proper business plans or by having poor accounting records, which are conditions that must be addressed before Offering Shares to the public. We will now refer some companies to the CFB who will mentor them and in turn, these companies will be referred back to us as being technically ready to be listed. The Junior Stock Market provides the vehicle for attracting capital and many other incentives for companies who have been prepared by the CFB unit.
We know that this will work, as we understand that to survive in business we need each other. This is not a new revelation. However, many times organizations fail to see that the understandings forged especially in ‘tough’ economics times, can also help to prevent duplications, reduce organizational expenses and enable companies to better focus on what works best in the longer term.
The JSE welcomes the opportunity to join forces with the JTI, the PSDP, and the Government to co-operate further in pushing the ‘build Jamaica’ initiatives. I wish to take this opportunity to encourage SMEs to avail themselves of the wide range of technical and financial services offered by the CFB Unit and the advantages available to grow their companies by looking to list on the JSE Junior Market.
We are confident that by signing this agreement and developing productive outcomes, the future of Jamaica will look that much better. Importantly, we expect to see greater stability in Jamaican companies and importantly the listing of many more companies from different industry sectors.
