WI Petroleum reporting slackness


West Indies Petroleum Terminal Limited (WIPT) was listed on the Jamaica Stock Exchange in December, with the last financial statements up to December 2024. In a release to the stock exchange, the company indicates that it will exercise the option to submit its unaudited financial statements for the fourth quarter ending December 31, 2025 and its audited financial statements within 90 days of its year end.

There is something completely wrong with this listing. The stock is currently trading at a PE of 51 based on 2024 earnings adjusted for a one off expense, with very little supply coming on the market. Since listing, only 16,003 shares have traded to date, with the stock in heavy buying demand.
WIPT is the only company currently listed with no financial report after more than a year since the last report. Investors are trading blindly, with only old information available to use to assess the company.

The Jamaica Stock Exchange and the Financial Security Commission have a responsibility to the public to ensure investors have up to date information to base their trading on. It cannot be right for a company to list so late in the year, without releasing interim results. For the company to now state that they are going to release interim figures in 90 days of the 2025 last quarter is not acceptable when the requirement is 45 days.

The stock exchange cannot have two rules for companies listing by invitation and those listing through an IPO when it comes to financial data. An IPO has to report up to date financials no more than a few months old so why was WIPT allowed to list with 12 months old financials?
The company’s management would do itself and the company a great deal of good by immediately releasing the interim results for the March, June and September quarters and releasing the December quarterly results within 45 days, as is the JSE requirement.
The above and other grave unresolved issues in the stock market call for action to protect investors, not just a few.

IPO gifts for Christmas and early New Year

The current year 2021 has not been a bumper one for initial public offerings in Jamaica, all of that could change as Santa has one or two gifts on his sleigh to deliver either a few days before Christmas or just after.
Word on the street is that investors should save some of the money earmarked for Christmas gifts and prepare for two Initial Public offerings that could hit the road ahead of Christmas and just ahead of the New Year.
The year is closing fast saw one outstanding offer returning a bid payoff for investors as the Junior Market listed Future Energy Source there were a few in the Main market but they failed to generate any excitement for investors.
ICInsider.com previously reported that the initial public offer of shares in Jamaica Fibreglass Products is expected to come to the Jamaican capital market in October, our source advises, with Spur Tree Spices to come shortly after. We said then that, “Jamaica Fibreglass Products produces fiberglass-based furniture and beddings, with revenues said to be in the region of $600 million, is expected to raise approximately $250 million for expansion purposes. The prospectus of the Metry Seaga-owned company is said to be at an advanced stage of preparation and should be moving through the various stages for approval soon.”
“Spur Tree Spices, with revenues, said to be just over $1 billion, should also be coming in October, if all goes well, intending to pull in $250 million. GK Capital are brokers of the two issues that are slated to list on the Junior Market.”
Various issues seem to have delayed both of the above but the various issue may have been dealt with and the runway is said to be cleared for flights to take off sooner than later.
These two are not the only ones coming. Word is that Mayberry Investments has a few potential IPOs with one or two at advanced stages of readiness to hit the market in 2022. IC Insider.com gathers that one is an IPO to raise around $200 million in the educational line of business and one is for an existing listed company for a fresh capital raise.  There are some regulatory issues regarding the structure of reserve shares for the initial public issue, with the FSC is now proposing that the vast majority of an issue must be made to the general public, thus severely limiting the percentage that can be kept for select clients. It is a move intended to squelch the many concerns of investors of being shut out of getting reasonable amounts of issues.
In October this year, the social learning portal Edufocal disclosed that they signed an agreement to engage Mayberry Investments in a move to raise capital. ICInsider.com gathers that the effort will likely bear fruit early in the New Year. The government of Jamaica’s intention to divest their 20 percent holding in JPS is at a fairly advanced stage and could be early in 2022, but that investment could be fraught with potential dynamite for small investors.
Keep watch, they all could be closer than you think.