[Press Release] The Invitation for Subscription for 38,250,000 Shares at the Invitation price of J$2.85 Jamaica Stock Exchange Limited (the “Company”) which opened on Friday, 5th July, closed at 4 pm today, Monday, 8th July, 2013 well ahead of the projected closing of 19th July. The Invitation for sale and subscription of the JSE shares was oversubscribed by 41% and in excess of 150 applications were received. Applicants (inclusive of Applicants for Reserved Shares) will be advised of the basis of allotment within three (3) business days in accordance with the Main Market Rules, in addition to being posted on the JSE website.
The closing of the Invitation represents a landmark event for the Jamaica Stock Exchange (JSE) as they will now be able to use the proceeds to foster future growth for the company which will be done through new product offerings that will further diversify its business and income streams, in addition to settling outstanding debt obligations.
Lamar Harris, Manager of Investment Banking at Stocks & Securities Ltd. said “SSL has received an overwhelmingly positive response to the offer. This is extremely encouraging when one considers the vital role that the JSE plays in building Jamaica’s capital markets and that the Exchange is a National utility. The listing of the JSE is a historic event and SSL is truly proud to be the lead broker.”
The closing of the Invitation represents SSL’s fifth client IPO offering, as well as the company’s first anticipated Main Market listing.
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