JPSCO list new preference shares

The Jamaica Public Service listed its new offering of 2,455,607 units of Class F 9.5% Cumulative Non-Redeemable Preference Shares on the Jamaica Stock Exchange. The shares were offered through a private placement. The shares will be traded under the symbol JPS9.5. The security has a market capitalization of $2.579 billion or 33.0% of the overall market capital of the preference shares listed.

Street Forrest, General Manager of the JSE told the audience that, “The JSE welcomes these new securities as we believe if we are to encourage investors to invest in the development of our country, we have to provide them with not only a transparent and efficient marketplace through which to invest but the products in which to invest. Ownership by Jamaicans in Jamaican companies, whether through ordinary shares or preference shares, is a critical path in improving the infrastructure leading to sustainable development. This is what the Stock Exchange seeks to foster through the different markets that we operate. We are committed to the development of the capital market but we cannot do it alone.  The government and the private sector must see the need for the development and especially the formation of capital through equity financing”.

Street Forrest went on to say “I wish to congratulate JPS again for listing. The very nature of these Class F shares, being non-redeemable has some characteristics of ordinary shares”.

Kelly Tomblin, CEO of JPS, stated that “JPS has been a part of the national landscape for more than 90 years, and a long standing partner in over 95% of households and businesses across Jamaica. We believe that it is appropriate for Jamaicans to have more personal stake in the company that plays such an important role in national development”.  She also promised that there will be other securities listed on the Exchange in the future by JPS.