The listing of FosRich Company Limited today brings the total number of companies on the Junior Market to 33 as the fourth company added to the market since the start of the year. FosRich Company Limited raised J$200.9 million from its Initial Public Offering (IPO) and will trading under the symbol FosRich. The addition of FosRich brings the total number of companies listed on the JSE to 68, representing 92 securities; the total capital raised by the companies listed on the Junior Market to just over $7 billion and the market capitalization of the Junior Market to $112.37 billion. The overall market capitalization now stands at $1.09 trillion.
Speaking at the listing ceremony today, Mrs. Marlene Street Forrest, Managing Director of the JSE told the audience, “This year has been a great year for the JSE as we are experiencing more than an awakening of interest both from potential companies wishing to take advantage of the funding through the equities market and investors willing to participate. We have also moved to T+2 which means a quicker settlement cycle for investors. This augurs well for the economy and for wealth creation. Data suggests that most of the companies listed on the Junior Market have grown, have served their investors well and have sparked growth in the economy. FosRich is a positive addition to our board and I have no doubt that the trend will continue with this listing.”
“Mr. Cecil Foster, in delivering his address at the listing, stated that, “This day is what I would call a historic day in the life of the FosRich Company Ltd. We started with the desire of building a company on three main tenets Eager to win; Take responsibility and Team up to excel. With just two employees in 1993, with a small warehouse space at The Princeville Plaza and using my studio apartment as office, we started this journey. It is important to note this was the time of the great financial meltdown in Jamaica and interest rates were through the roof. However, we saw the opportunities and started a trading business in this climate. Today we have a staff compliment of 92 great and committed employees. We operate from four locations across the country. Today FosRich operates in the: ‘Electrical, Decorative Lighting, Renewable energy space and the Electrical Industrial space’”
Miss Lamar Harris, General Manager, Stocks & Securities Limited, JSE’s Member Dealer, which brought FosRich to market, told the audience that “FosRich was an easy company to list because they were eager and prepared to do what was necessary to list. We at SSL are looking for companies like these to list on the market. They are 100% committed to Jamaica and they employ Jamaicans to be a part of their business. Therefore, these augers well for the country and with such commitment the country will grow.”
