Inserting the strip are Christopher Clarke- CEO, CCL & Leford Williams – CCL Longest Serving Employee with Yolande Fullwood – Distribution and Marketing Manager, CCL looking on
Sharing in the historic moment are from L-R Mrs. Marlene Street Forrest , GM JSE; Dr. Matthew Clarke –Director, CCL; Mrs. Carole Clarke – Chairman, CCL and Mr. Mark McKenzie – Non-Executive Director, CCL
There are many brands of ice-cream in Jamaica; however, Caribbean Cream Limited made history today, becoming the first ice-cream company to list on the Jamaica Stock Exchange in its 44 year history, while co-incidentally being the 17th company listed on the 17th day of the month of May.The Company will trade under the symbol “Kremi”.
With the addition of 385 new shareholders and in raising $75.2 million in its IPO, Caribbean Cream has increased the total capital raised on the Junior Market since it was launched in April 2009 to $2.42 billion. The market capitalization on the Junior Market has increased to $22.4 billion in the 3 ½ years since the first listing in October 2009.
Mrs. Marlene Street Forrest, General Manager of the Jamaica Stock Exchange (JSE), welcomed the audience and noted that Caribbean Cream will join six (6) other manufacturing companies who have raised capital on the Junior Market. She further noted that all the other have seen average revenue increases within the range of 4% to a high of 1776% since listing and that all have also shown significant improvement in pre-tax profit after a year of listing. She went on to say, “We wish to again make the call to participants in the manufacturing sector to utilize the benefit afforded by the Junior Market to retool and increase their competitive edge. Too often we find that other countries and market envy what we have even as we have failed to utilize it”.
Mrs. Street Forrest further said, “I urge you to remember the advantages of raising capital and listing on the Junior Market; which continues to be the possibility of reducing debt burden and high interest payments by substituting or adding equity capital; the daily valuation of a company’s shares; the ten year corporate tax concession for companies listed on the Junior Market; the low listing fees and the improvement of a company’s profile, among many other benefits”.
Mr. Christopher Clarke, CEO of Caribbean Cream, told the audience that, the company had successfully embarked on an expansion programme that was showing good results in 2012 and that he wanted to continue its expansion into the future. He opined that the Company was being restricted by its high debt burden and needed an injection of equity to keep the rate of growth going. On reading about the listing of Dolphin Cove on the Junior Market and the tax benefits on offer through the Junior Market, he immediately entered into discussion with the other members of the company and with Stocks and Securities Ltd to explore the option. He commended all the members of his family, the Company’s employees, accountants, attorneys and other who had contributed in the successful listing. He went on to urge other entrepreneurs to make use of the opportunity available by listing their companies on the Junior Market.
Mr. Mark Croskery, CEO, Stocks & Securities Limited, commended the management and staff of Caribbean Cream for their teamwork, their excellent products, their improved marketing thrust and on making use of the Junior Market. Mr. Croskery noted that even with the economic difficulties being faced by the country, the JSE Junior Market was a ‘shining light’ that proved that financing was available for good companies. He urged other companies to make use of the opportunities that the Junior Market offered.
