The Honourable Lascelles Chin; Executive Chairman, LASCO Affiliated Companies
The Jamaica Stock Exchange (JSE) had the distinction of listing three companies in one day. This became a reality with the listing of LASCO Distributors Limited; LASCO Manufacturing Limited and LASCO Financial Service Limited, thus doubling the listings on the JSE Junior Market. This brings to six the number of companies now listed on the Junior Market.
In welcoming all Mrs. Street Forrest, General Manager of the JSE told the audience that “We will be adding over one thousand new investors to the market. This is significant, as one of the desired out-come of the Junior Market is that there would be an expansion of ordinary Jamaicans taking real advantage of the Equities Market. I wish to congratulate them (shareholders) and to encourage them to take an active part in the Companies to which they are now shareholders”. She further stated that “there is a direct relationship between competitiveness and sustainability. Raising Equity Capital on the Junior Market enables these companies to level the playing field with our regional neighbours in respect to the cost of capital. The country will see a positive impact on GDP as more companies raise funds on the market; it will also result in an increase in creation of employment opportunities”.
The Honourable Lascelles Chin, Executive Chairman of the LASCO Affiliate Companies told the audience that “It has been a phenomenal journey and a privilege for LASCO to do business in Jamaica, CARICOM and beyond. Although the LASCO Affiliated Companies are now doing business around the globe, there is nowhere that we feel more comfortable and fulfilled than in Jamaica land we love – our precious country that gave birth to these affiliated companies. I would like to thank our beloved Jamaicans, without whose support, we could never have arrived at this day. Jamaicans have been our faithful customers and they quickly accepted the opportunity to be our shareholders”.
“The LASCO affiliated Companies commend the government on the establishment of the Jamaica Stock Exchange Junior Market. The creation of this Junior Market has filled an important niche in the Jamaican economy. This financial vehicle is a wonderful opportunity for medium-sized companies like the LASCO Affiliated Companies, to maximize our potential in terms of growth and sales, while tapping into a wider revenue pool for rapid expansion”.
Mr. Peart, CEO of Mayberry congratulated the regulators on their quick actions when it comes to regulatory matters and the efficient manner in processing documents in respect to Initial Public Offerings. He also thanked the nurses, the police and ordinary Jamaicans who demonstrated confidence in the LASCO affiliated Companies by purchasing shares, which made the offers successful.
