Inserting the strip is Ms. Tanisha Samuels Administrator Jamaican Teas, looking on are Ms. Lamar Harris, Investment Banker, Stocks & Securities Ltd. and Mr. John Mahfood, CEO Jamaican Teas.
FOR IMMEDIATE RELEASE: November 25, 2013 Jamaican Teas Second Company to List on Re-Launched Bond Market Jamaican Teas became the second company to list on the re-launched Jamaica Stock Exchange Bond Market when they listed their Fixed and Variable 4-year Secured Notes today. Four months after the market was re-launched, Jamaican Teas Limited invited investors to invest in its Notes due November 2017. When the offer closed, the Company had raised over J$103 million. Speaking at the listing ceremony; Mr. Robin Levy, Deputy General Manager of the Stock Exchange, congratulated Jamaican Teas on using the market the second time around to raise capital to expand their business and invited other companies to do the same. He told the audience that the other Caribbean islands did not necessarily have the quality or quantity of resources that Jamaica had, but they have made much better use of the resources they did have. He implored Jamaica’s businesspersons and entrepreneurs to use the market to raise funds to get Jamaica moving and increase employment opportunities for Jamaicans. Mr. John Mahfood, CEO of Jamaican Teas, speaking at the event, told the audience that “our year ended September 30, 2013 was eventful for our company. We purchased a new factory building, completed our first real estate development and have acquired the property for our next development – Orchid Estates. We achieved milestones in terms of sales, with total sales exceeding one billion dollars and exports exceeding domestic sales in the manufacturing division.” He also noted that new businesses cannot develop in an atmosphere of high interest rates and that this has been “the single biggest inhibitor of business development in Jamaica in the last 20 years”. Mr. Mahfood went on to state that “the Junior Stock Exchange has helped considerably in allowing companies to raise capital on much more favourable terms than previously existed and a major spin off benefit is that it has forced banks to be much more competitive, thus creating a benefit for all concerned. The result of this is that a number of small companies like ours have seen substantial growth in our business since listing. This has had a significant positive effect on the economy.” Although noting assurances that existing Junior Market companies will continue to enjoy the existing tax incentive going forward, Mr. Mahfood opined that the incentive should stay in place for potential new entrants. He opined that, “the Government has made a grave mistake in removing the tax benefits of the Junior Stock Exchange. The fact that it has not created a huge outcry from the Jamaican Private Sector leaders shows how asleep we are as a business community. The various Governments through the years have tried many forms of incentives since independence and none has created the type of sustained benefit of the Junior Exchange in its short existence”. Miss Lamar Harris, Investment Bank Manager, Stocks and Securities Limited (SSL), speaking at the same event congratulated Jamaican Teas on listing their Bond on the market. She went on to say it was a proud moment for SSL, as Jamaican Teas is the first company they have brought to list on the Bond Market and that SSL was looking forward to bringing many more company to list their bonds on the market. She also thanked all the regulators that assisted in the listing process. CONTACT: NEVILLE ELLIS JAMAICA STOCK EXCHANGE TEL: (876) 967-3271 or 322-0984 FAX: (876) 924-9090
