FOR IMMEDIATE RELEASE:
October 14, 2013
Junior Market Welcomes its 19th Listing
Mayberry Investments Limited took its 12th company to market, when Caribbean Flavours & Fragrance and listed its ordinary shares on the Board of the Junior Market this morning. This has brought the total listing on the Junior Market to 19 and the total Market Capitalization on the Junior Market to $26.39 Billion.
Mr. Robin Levy, Deputy General Manager of the Jamaica Stock Exchange, in welcoming Caribbean Fragrance and Flavour to the Market informed the audience that with this listing the total amount of money now raised on the Junior Market stands at over two-and-a-half billion dollars. These moneys have been raised by small and medium size business for various activities, including to expand their businesses, improve working capital or to retire debt. Noting that the Junior Market was seen as one of the few rays of hope in the Jamaican business sector, he went on to thank the Minister of Finance & Planning for his pronouncement that all the benefits currently in place for existing Junior Market Companies will remain in place. However, Mr. Levy implored the Minister to remove the uncertainty surrounding the Junior Market and encouraged a decision that would continue to provide hope for ambitious entrepreneurs.
Mr. Anand James, Managing Director of Caribbean Flavours & Fragrances, reiterated his company’s commitment to Jamaica and the Manufacturing sector in particular. He told the audience that he was glad the company had been taken out of family-owned hands and put in the hands of the approximately 300 new shareholders. This, he believes, will ensure the long term survival of the business. He also, shared with the audience that the listing of the company allowed the Company’s staff members to share in the ownership of the business and will encourage them to better understand the stock market.
Mr. Gary Peart, CEO of Mayberry Investments, spoke to the issue of corporate governance and the improvements he had seen companies make as part of the process of listing. In highlighting the large number of new independent directors on Caribbean Flavours & Fragrances’ Board, he addressed the issue of persons sitting on multiple Boards, as being a matter of public debate and scrutiny. He noted however that this was not a problem on the Junior Market, where few if any directors, who were very competent, sat on other Boards. Mr. Peart posited that this was just another example of the way in which Jamaica was blessed with an abundance of resources. He took the opportunity to call on the Minister of Finance & Planning to allow the benefits of the Junior Market to remain intact and allow additional small and medium size business to be incentivised to grow their businesses, provide additional employment and grow the economy.
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