Mark Hart, CEO, Cargo Handlers Limited positions his company’s strip onto the Junior Market board at the listing ceremony held at the Jamaica Stock Exchange headquarters on December 17th. In the foreground from left is O’Neil Allen, Market Surveillance & Compliance Officer in the Regulatory & Market Oversight Division of the JSE; Marlene Street Forrest, General Manager, JSE; Tania Waldron Gooden, Head of Research & Special Projects, Mayberry Investments and Gary Peart, CEO, Mayberry Investments Limited.
(KINGSTON December 17, 2010): Cargo Handlers became the seventh company to be listed on the Jamaica Stock Exchange’s Junior Market and the seventh company to be brought to market by Mayberry Investments Limited. The Company listed 41,625,000 ordinary shares at a price of $12.50 and raised J$53.5M by the way of this Initial Public Offering (IPO).
In welcoming all, Mrs. Street Forrest, General Manager of the JSE told the audience that “We are indeed proud that through the hard work of the Cargo Handler’s team the Company will now be listed. I wish to congratulate the CEO, Mr. Mark Hart and his team and to commend them for choosing the equities market to raise funds for expansion and to assist in the reorganization of the Cargo Handlers. We look forward to seeing the continued growth of the Company in the near future. The issue which raised $53,549,230.00 was oversubscribed. Therefore, we wish to encourage investors to take advantage of the secondary market opportunities that are always available. We wish to see more investors not only invest at IPO but appreciate that there is an aftermarket for these securities. Throughout the year market activities on the Junior Market have been great. Volumes traded amounted to 41.3 million shares, valued at $173.6 million. As at December 16, 2010, market capitalization was $5.3 billion. This is significant!”
Mr. Mark Hart, CEO of Cargo Handlers was very upbeat about the listing. He took the occasion to congratulate the Minister of Finance and the Public Service; The Honourable Audley Shaw, for taking the initiative in partnering with the JSE to start the Junior Market which provides the opportunities for companies such as Cargo Handlers to grow. He stated, that “it is difficult for companies to grow with bank loans, especially in a high interest rate regime”.
Mr. Peart, CEO of Mayberry also congratulated the Government on the partnership to establish the Junior Market and remind them that the tax break is for a short period. He stated that, “while the government provides tax breaks in respect to corporate tax, the growth of these companies provides the avenue for the government to increase its revenue from other tax sources”. He went on to say that “after the tax holiday is over the Government will have bigger companies from which more corporate tax revenue would be forthcoming, given that these companies would have grown significantly, aided by the tax break”.
