Sterling Investments Limited today listed by introduction its 4,014,547 ordinary shares on the market at a price of $134 and will trade under the symbol SIL. This security is the second highest priced on the main market and the third on all the markets. The $537 million in market capitalization of Sterling Investments moves the overall market capitalization on the combined markets to $305 billion. Also with the listing of Sterling today there are a total of 70 securities listed across all markets.
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Mrs. Marlene Street Forrest, General Manager of the Jamaica Stock Exchange in welcoming the audience stated, “We are indeed happy for yet another listing on the Exchange and its an honour and a privilege when the team at Sterling decided that they would use the mechanism of the equities market to continue the growth of their Company. I am convinced that this Company will pursue through the market all the options that are available to a listed company during the lifespan of its listing. The ease to get further capital from the market, the advantage of better rates of interest if debt capital is pursued, the easier process of listing another form of instrument such as bond and the comfort in knowing that their shareholders will be there during that process, are some of the options that I am sure you will pursue”.
She went on say “today I am pleased that Sterling Investments Limited is listing its shares via the route of Introduction. None of these shares were offered to the general public as is typically done through an Initial Public Offering and this is a perfectly acceptable route if a company intends to list on the main market. We are inviting businesses to call us and let us explore with you this and other interesting options for listing. We will assist you in navigating the listing process and making the process seamless”.
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Speaking at listing ceremony event Mr. Charles Ross, President & CEO of Sterling Assets Management Ltd told the audience that “This is a most important day in the history of Sterling Investments Limited and, I would venture to say, the investing public. Listing on the Stock Exchange allows a wide cross section of investors to own a very promising stock. The listing also provides existing shareholders with liquidity and opens up access for new institutional and individual investors”
According to Proven Wealth CEO, Miss Chorvelle Johnson, “Proven is committed to the market and this can be seen from the number of companies that it has brought to the market in recent times. She went on to say that “Proven is committed to the development of the country and will do its best to assist in the growth of companies”.
Mr. Steven Withingham, CEO, of GK Capital Management Ltd, said that, GK Capital Management Limited was very happy to have worked with Proven to bring Sterling Investments Limited to market. This is its first major undertaken since the sale of First Global Financial Services Limited. He went on to say that it was the beginning of better things to come for the Exchange as his company will be working assiduously to bring other companies and products to market.
