On April 17, 2024, Express Catering (ECL) celebrated the listing of its 8.5% US fixed rate senior unsecured bond at the Jamaica Stock Exchange. ECL raised through this bond offer US$12.2 million, the largest bond offer by a company listed on the Junior Market. This was the first Bond listing on the Junior Market for the year.
Speaking at the listing, Dr. Marlene Street Forrest, Managing Director of the Jamaica Stock Exchange in her Welcome, congratulated the company on its achievements and its contribution to the growth of the capital market. “Let me congratulate ECL on the fact that out of the 515 account holders of the bond, 405 (78%) were shareholders which speaks volume to the confidence that shareholders have placed in the company. This represents a significant measure of the company’s growth and sustainability as the company has the opportunity to tap into their shareholder base for additional funding when required. I am also delighted that, ratio of female to male is a little skewed towards the female 51% female 49% male participants in the bond offer”. This she said, signified a growth in female account holders and equity in investment in the market.
According to Mr. Dear, CEO of Express Catering Limited, “Tourism in Jamaica which 98% of our customers are tourists coming through the Sangster International Airport will continue to grow in Jamaica by all intense and purposes. The current trajectory of new hotel rooms and the interest in Jamaica as a destination bodes well for continued growth,” he said. “We are right now trending almost 10% above 2023 in our arrivals as a country and so we are very encouraged by what the future holds and ECL stands to benefit from that entire growth because Sangster International Airport takes the clear majority of the arrivals of our visitors and as it stands that volume of passengers enjoying the facilities at the airport and enjoying what we offer are tourists 98%”, he added.
“This is a great day,” continued Mr. Ian Dear, as he conveyed his thanks to the Jamaica Stock Exchange for hosting the event, and to Mayberry Investments Ltd. in executing the listing of the bond and for their support and guidance. “We would like to express our sincere appreciation and gratitude for our many investors and shareholders that have maintained such great confidence in ECL and all that we stand for.” He said that their confidence in ECL allowed them to break new ground in the space of raising capital and facilitate them continuing to grow and take advantage of the many opportunities out there.
Mr. Gary Peart, CEO of Mayberry Investments Limited stated that ‘The Mayberry culture is that we try to give the same service or better each time and every time.’ He informed the ECL team that this is the first phase, taking the bond to the market. He further said ‘ The next phase is to create a market that we can actively trade in the bond. That’s the big plug.” Mr. Peart informed the audience that is a major focus of Mayberry this year; to bring the bond market to a level where there is daily and intraday trading.
