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Massy Holdings Ltd. (Massy): First Listing at JSE’s Regional and Investments Capital Markets Conference

Massy Holdings Ltd. (Massy) is the first Company to list at the JSE’s Regional and Investments Capital Markets Conference which is in its 17th year. At a very prestigious ceremony at the Conference at The Jamaica Pegasus Hotel, Massy cross-listed its 98.97 million shares priced at $2,463.08 per share. Massy’s market capitalization is $243.77 billion, making it the largest cross-listed company and the second largest company listed on JSE’s Exchange. NCB Financial Group Limited has the largest market capitalization of $314.78 billion. The market capitalization of $243.77 billion will increase the market capitalization on the JSE’s Main Market to $1.95 trillion and the overall market capitalization $2.12 trillion, taking the Exchange back to the market cap prior to the onset of COVID-19.

Dr. Marlene Street Forrest, Managing Director of the JSE said, “A listing of a company is always an important and special event in the life of the Jamaica Stock Exchange Group, but today, it is the first we would be listing such an event at our Conference, giving so many people the opportunity to attend the event both virtually and in person. As we encourage more companies to cross-list on the Jamaica Market, we also commit to collaborating with our sister exchanges and other regulators so that our rules and regulations will be more harmonized and streamlined to achieve greater efficiency for our listed companies and investors.”

Speaking at the event, Mr. E. Gervase Warner, CEO Massy Holdings Limited, communicated that, “the Chairman – Mr. Bermudez, and I are Caribbean men, and we spend our time working on Caribbean integration. We have heard at the Conference, the need for Caribbean integration and we believe activities such as this (cross-listing) will work to create integration. We believe with this listing, the JSE and the TTSE will work closer together and eventually the process that has been started right here in Jamaica, to integrate the market, will one day be realized when the laws are harmonized and there is one platform to list Caribbean companies to allow us to become ‘a force to be reckoned with’. I take this opportunity to thank our shareholders and all the persons who assisted us to be able to cross-list on the Board of the JSE.”

“The Cross-Listing of Massy onto the Jamaica Stock Exchange represents a critical transaction for Jamaica and the region. Massy’s decision to cross-list, especially in this period of uncertainty is a major step towards building a more regional capital market, something we have been working towards for many years; one that is far more intertwined and consequently, more robust, and beneficial to companies throughout the Region. In the spirit of true collaboration, the Massy, Barita and First Citizens teams have worked together to deliver to shareholders and potential investors an opportunity to invest in one of the largest and most diversified companies in the Region,” according to Barita’s Terise Kettle, Vice President Investment Banking who spoke at the listing ceremony.

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CONTACT:
NEVILLE ELLIS
Manager – Marketing & Communications
Telephone: 876-967-3271 (O) 876-322-0984 (C)