Jamaica Producers Q3 profit doubles

November 12, 2019 by

Jamaica Producers former headquarters in Kingston Jamaica

Profit surged 102 percent in the September quarter, to $330 million from $164 million in 2019 for shareholders of Jamaica Producers. For the nine months to September, profit jumped 66 percent to $959 million from $578 million in 2019 on the back of a modest rise in revenues.
Sale revenues rose just 5 percent for the quarter, to $5.22 billion from $4.96 billion but gained a stronger 8 percent for the year to date, to hit $15.4 billion from $14.3 billion in 2019. The third-quarter revenues grew more slowly than second-quarter revenues, which increased 12 percent to $5.4 billion over the 2018 period and net profit attributable to shareholders increased then by 52 percent to $399 million.
The group’s main activities are port terminal operations, logistics, food and juice manufacturing, the cultivation, marketing and distribution of fresh produce, land management and the holding of investments. The group has operations in the UK, Europe, Jamaica and some other Caribbean countries.
The current year is not the only one that profits jumped sharply for the group. In 2018, profit attributable to the Group’s shareholders rose 66.5 percent for the June quarter over that of 2017 and 65 percent for the half-year from revenues that grew 20 percent and 25 percent, respectively. The group had significant growth in profit from ongoing operations in 2017 over 2016 with negligible profit from operations.
Improvement in profit margin in the half of the year to 34 percent from 31 percent in 2018 continued at the same pace in the September quarter with 34 percent from 29 percent in 2018 and for the year to September, 34 percent from 30 percent in 2018. The improved margin helped push gross profit up 24 percent in the quarter to $1.76 billion from $1.42 million and rose 23 percent for the year to date, to $5.3 billion from $4.3 billion in 2019.
Selling, administration and other operating expenses rose 18 percent to $958 million in the quarter and increased 14 percent in the nine months to $2.8 million. Finance cost declined in the quarter, to $78 million from $89 million in 2018 and from $234 million to $277 million for the nine months.
Earnings per share (EPS) came out at 29.4 cents for the quarter and 85.5 cents for the nine months. EPS should end the fiscal year ending December to $1.25 with a PE ratio of 17 at the price of $21.50 it last traded on the main market of the Jamaica Stock Exchange and is in line with the average for main market stocks. The net asset value ended at $12.30, with the stock selling at 1.75 book value.
Gross cash flow brought in $3.7 billion, growth in receivables, investment transactions, purchase of fixed assets and the paying of $125 million in dividends resulted in cash funds at the ending at $927 million. At the end of September, shareholders’ equity stood at $14 billion, with borrowings at just $6 billion. Net current assets ended the period at $6.4 billion inclusive of trade and other receivables of $9 million, cash and bank balances of $927 million. Current liabilities stood at $3.2 billion at the end of September.
Jamaica Producers is a buy for the medium to long term.

Filed Under: Buy Rated, Company News, Company Results Tagged With: , , ,

Lasco Manufacturing 6-month profit up12%

November 11, 2019 by

With its best performance in the last five years with a 92 percent jump in profit to $1 billion in 2019 financial year, Lasco Manufacturing went on to increase profit a mere 5.5 percent in the September quarter from weak sales growth.
The improvement in profit emanated from increased efficiency than from increased sales.
Sale revenues fell slightly for the quarter to $2.06 billion from $2.066 billion in the 2018 period and rose 1.3 percent for the six months to $3.85 billion from $3.80 billion in 2018.
Profit grew to $280 million from $265 million in the quarter and 12 percent for the six months to September to $563 million from $503 million in 2018. Second-quarter profit declined compared to the June quarter when the company posted $283 million after-tax.
Improvements in operations led to gross profit margin in half the year rising to 37 percent from 35 percent in 2018 as the cost of sales fell 3 percent in the quarter and 2 percent for the year to date. Operating profit slipped slightly in the quarter, to $359 million from $364 million but jumped 7 percent for the year to date, to $714 million from $667 million in 2018, as Administrative expenses rose much faster than sales and gross profit.  Administrative expenses increased 14 percent to $392 million in the quarter and 11 percent in the half-year to $722 million. Finance cost declined in the quarter to $ 22 million from $32 million in 2018 and from $64 million to $54 million for the six months. Provision for profit tax fell from $66 million to $57 million in the quarter, with the half-year ending at $98 million versus $100 million in 2018.

Lasco Manufacturing products

Gross cash flow brought in $791 million, but receivables and reduction in trade payables used up $697 million, $250 million went to pay dividends and $214 million as repayment of loans. Lasco invested $275 million in what is stated to be a long term investment in stocks these and other payments left cash generated at a negative $517 million, leaving liquid funds on hand at $401 million. At the end of September, shareholders’ equity stood at $6 billion, with the current portion of long-term loans at $484 million and long-term liability at $807 million. Current assets ended the period at $3.6 billion inclusive of trade and other receivables of $2 billion, cash and bank balances of $401 million and current liabilities ended the period at $1.4 billion.
With limited growth in sales from existing products, the company is expanding factory and warehousing facilities. “Capital investments being undertaken in a new warehouse facility and build-out of the expansion of the Dry Blend plant at White Marl,” Managing Director, James Rawle reported to shareholders in his commentary on the quarterly.
The company paid a dividend of 6.1 cents on June 28, amounting to $250 million, 61 percent greater than dividends paid out in 2018. The dividend yield was just 1.5 percent, with the stock price just over $4 on the record date in June.
Earnings per share came out at 7 cents for the quarter and 14 cents for the six months and should be in the 30-35 cents region for the full year. The stock last traded at $5.25 on the Junior Market of the Jamaica Stock Exchange on Friday with a PE of 14.

Filed Under: Company News, Company Results Tagged With: , , , ,

MPC Clean Energy rights open Wednesday

November 10, 2019 by

Wigton closed at anew high of $1MPC Caribbean Clean Energy (MPCL) stock traded at a record $275 on the Jamaica Stock Exchange last week, as investors positioned to buy into 22,848,320 class B shares offered to shareholders by way of rights.
The Offer entitles shareholders to buy two new shares for each one they own and will open November 13 and will close December 16.
The shares are currently listed on stock exchanges in Jamaica and Trinidad and were priced at J$130 or US$1 when it came to the market in late 2018. The new shares are renounceable and priced at J$140 to Jamaican shareholders and US$1 per share for shareholders in Trinidad and Tobago on record on November 8. The Company seeks to raise the equivalent of US$22,848,320 to facilitate expansion into new renewable energy projects.
The company went to the market in November 2018 to sell up to 50 million shares, the take-up fell well short with the capital with just 11.25 million units with Jamaican taking up over 77 percent of the issue and Caribbean Clean Energy Feeder Ltd taking up 18.4 percent.
MPCL has 34.4 percent interest in the Paradise Park project that comprises a 50 MWP solar plant in Westmoreland, Jamaica, with a total investment of US$64 million.
The second asset, Tilawind is a 21 MW onshore wind farm based in Costa Rica in which MPC effectively holds 50 percent with the other half owned by ANSA McAL, a Trinidad and Tobago group. The total investment in that operation is approximately US$50 million. The wind park has been in operation since March 2015.
According to the company, a further 14 projects have been prioritized and form the indicative deal pipeline for the Investment Company. These require a total investment estimated at US$499 million to deliver up to 314 MW of new renewable energy capacity. The listed company invests in MPC Caribbean Clean Energy LLC, the company that invests in the operating projects directly.
The company posted earnings for the nine months to September that reverses the positives number in the June Quarter. The results released are confusing, lacks transparency and will not help the company in raising the desired capital.
The company does not invest directly in the operating entities but directing into a management company that invests directly. Effectively, the company accounts for its investments as shares of profits in associates and books their share of profit in accordance with international accounting standards. MPC has investments indirectly in two power-generating operations. The results for the September quarter reflects the share of results from activities of the wind farm in Costa Rican and that of Paradise Park.
According to the company, the Tilawind “wind farm generation is mainly dictated by the trade winds, presenting a clear high wind season, with a high tariff from January to May, and a low wind season, with a low tariff from June to December.” The impact of on profit in the second half of the year is telling, with around 20 percent of the year’s energy production. The situation is made worse by the wind farm machinery undergoing repairs in the period and resulting in losses. Paradise Park generation in the quarter that started in June was affected by lower than expected sunlight levels resulting from poor weather conditions generated by hurricane Durian in late August-early September.
The net effect is that the company profit share dropped to $56,788, down from $145 million generated in the June quarter. The management report states that production at the Costa Rican operation generated 9.4 percent more energy than in the prior year. The company reported total profit share of $205,858 and a loss of $45,749 for the nine months period, the results from operations look vastly worse. The company reported a loss of $109,523 for the September quarter but advertising cost of $87,020 was the major cause of the big loss along with the fall in revenues mentioned above.
The projections in the prospectus were for revenues of US$1.39 million and profit of $1.25 million for 2019 and projected revenues of US$2.94 million in 2020 with a profit of US$2.76 million. They seem set to meet the revenues forecast but will be off from the profit as a result of not investing in the Costa Rican operation from the start of 2019 to have benefitted from the higher revenue period from January to March.

Filed Under: Initial Public Offers Tagged With: , , , , , ,

Strong first quarter for Wisynco

October 31, 2019 by
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Wisynco traded at $22 on Thursday.

Wisynco Group enjoyed strongly increased revenues in the fiscal first quarter with a rise of 34.6 percent to $9 billion versus $6.8 billion in the June 2018 quarter and resulted in pretax profit jumping 52.7 percent to $1.4 billion and after-tax rising 53 percent to $1.18 billion.
According to brothers William and Andrew Mahfood, Chairman and Chief Executive Officer respectively, in their joint commentary accompanying the quarterly, “we had very strong growth in our core beverage brands as a result of increased demand and improved efficiencies in plant productivity. In addition, the strategic alliances between Worthy Park and St Mary’s Snacks along with increasing revenue from other portfolios contributed to drive revenues to new highs.”
The quarterly revenues are much higher than the $6.9 billion generated in the June quarter and profit of $694 million after-tax.

Wisynco brand Wata to benefit from 3 new production that is now in operation.

Gross Margin slipped to 36.8 from 38.2 percent in 2018 but Gross Profit still increased to $3.3 billion or 29.8 percent above the $2.6 billion achieved in the June 2018 quarter.
According to the directors, “the leveraging of our distribution system with the new portfolios, while driving revenue growth, favorably impacted our expense to sales ratio that declined to 22.5 percent of sales from the 25.6 percent for the first quarter of 2019. Selling, Distribution and Administrative expenses for the quarter increased by 18 percent to $2 billion above the $1.7 billion for the prior year and well below the increased revenues.

True Juice orange juice bottled by and distributed Wisynco

For the quarter ended September 30, 2019, Wisynco recorded Net Profits Attributable to shareholders of $1.2 billion or 31 cents per share compared to $769 million or 21 cents per share, an improvement of 47.6 percent over the corresponding period of the prior year.
The Group had equity capital of $12 billion with loan funding of $2.6 billion but with cash and investment funds at $5.5 billion after the Group operations delivered cash inflows of $1.64 billion. Net Current Assets stood at $6.2 billion with current assets of $11.5 billion.
IC Insider.com projects earnings of $1.40 for the current fiscal year with revenues reaching just under $37 billion and $1.95 for 2021. The stock closed at $22 and now sells at a PE ratio of 15 times the current year’s earnings and is fairly valued currently and seems to hold good long-term growth potential.

Filed Under: Company News, Company Results, Stocks to watch Tagged With: , , ,

JMMB Group seeks buyers for J$12.4b

October 17, 2019 by

JMMB Group is offering 266,737,797 ordinary shares to the public with the option to upsize it to 325 million units and raise up to J$12.4 billion that would lift the existing capital from 1,630,552,532 units to 1.96 billion.
The shares are priced at J$38 for existing shareholders, team members and key investors and J$38.75 for non-reserved share applicants resident in and making applications in Jamaica. Subject to receipt of regulatory approvals for the Invitation in Trinidad and Tobago, TT$1.90 per new ordinary share for existing shareholders and team members and key investors for applicants resident in and making applications in Trinidad and Tobago and TT$1.94 per new ordinary share for non-reserved share applicants.
The offer opens in Jamaica on October 22 at 9 am and in Trinidad and Tobago on October 25 at 9 am and scheduled to close on November 7. The Company reserves the right to close the offer prior to the closing date, provided that, early closure of the application list in Jamaica shall not occur prior to the end of a period of seven days following the Opening Date.
JMMB Group enjoyed moderate growth in earnings over in the past three years with earnings per stock unit for the 2019 fiscal year being $2.34 just slightly higher than the $2.18 in the previous year and $2.03 in 2017 after it jumped from $1.39 in 2016. Total comprehensive income better reflects the quality of management of the operation, by this measure with the exception of 2017 when total comprehensive income hit $4.76 billion profit have not reached that level since, with 2019 hitting $3.4 billion. Dividend payout ratio declined from 26.24 percent in 2016 to 20.65 percent in 2019 although the total amounts paid out have grown.
The group started in Jamaica in 1992 as a broker in money market instruments and expanded into other areas in the financial market since. It now has operations in the Dominican Republic and Trinidad and Tobago and plans to use some of the proceeds to acquire indirectly 22 percent of Sagicor Financial Corporation, a Caribbean based Life insurance group.
Earnings per share amounted to 68 cents for the quarter ended in June this year, up from 57 in the June 2018 first quarter. Net profit recorded year over year growth of 17 percent moving from $957 million to J$1.12 billion for the first quarter this financial year.
Net operating revenue stood at J$5.84 billion as at the end of the period representing growth of 25 percent or J$1.18 billion over the prior comparable period. This growth resulted from increases in net gains on securities trading, FX trading gains, fees and commission income and net interest income. Net interest income grew 6 percent over the prior comparable period ending the June 2019 quarter at J$2.2 billion. Operating expenses for the reporting period totaled J$3.84 billion, 15 percent higher than the prior period.
JMMB Group has a number of positives, the main one being the diversification of countries it operates in. Growth in the Jamaican economy and the substantially larger population of the Dominican Republic relative to Jamaica and Trinidad provides a strong platform for above-average growth of the group. There are political and economic risks associated with the diverse locations but the group capital base is growing and that will allow it to expand the business into areas that can deliver an above-average return.
The price the stock is offered at is fair with modest potential for growth short term with a PE around 14 times this year’s earnings versus a market average of 16, but the stock peaked at J$55 earlier this year.

Filed Under: Feature Stories, Initial Public Offers Tagged With: , , ,

Modest gains for JSE majors

October 16, 2019 by

The Jamaica Stock Exchange main market climbed marginally on lower volume and value with the JSE All Jamaican Composite Index adding just 166.56 points to close at 548,096.20, the JSE Index rising 168.54 points to 499,005.06 and the JSE Financial Index slipping 0.59 points to 135.60.
Trading ended with 40 securities changing hands in the main and US dollar markets with 14 stocks advancing, 14 declining and 12 trading firm. Main market activity ended with 37 securities trading, resulting in 13,077,566 units valued at $68,716,819 in contrast to 40,595,146 units valued at $1,769,588,600 from 36 securities trading on Tuesday.
Wigton Windfarm led trading with 6.3 million units for 48 percent of total volume, followed by Sagicor Select Funds with 3.4 million shares for 26 percent of the market’s trade and QWI Investments with 2 million units accounting for 14 percent of the day’s trade.
The market closed with an average of 353,448 units valued at $1,857,211 for each security traded, in contrast to 1,127,643 units for an average of $49,155,239 on Tuesday. The average volume and value for the month to date amounts to 951,792shares at a value of $17,309,566 for each security traded and previously 1,004,254 shares at $18,786,922 for each stock traded. The market closed out September with an average of 1,585,081 units valued at $14,071,562 for each security traded.
IC bid-offer Indicator| At the end of trading, the Investor’s Choice bid-offer reading shows 13 securities ended with bids higher than their last selling prices and 2 with lower offers. The PE ratio of the market ended at 16.5 with the main market ending at 17.2 times 2019 current year’s earnings.
In main market activity, Caribbean Cement lost 81 cents to close at $76 with 10,346 shares changing hands, Grace Kennedy gained 45 cents to close at $66.80 after exchanging 34,590 shares, Jamaica Broilers closed $1.94 higher in trading 23,816 shares to settle at $35,Jamaica Producers advanced by $4.07 with 8,063 shares changing hands in closing at $25.37. Jamaica Stock Exchange lost 50 cents, ending at $28.50 with 35,156 units traded, JMMB Group closed 90 cents lower to $41.10 in swapping 157,024 shares after the company announced the issue price for the ordinary shares to raise up to $12.4 billion at up to $38.70 each. Mayberry Investments lost 30 cents to settle at $8.70 with 5,300 shares changing hands, PanJam Investment gained 75 cents, in closing at $101 after trading 18,654 shares, Pulse Investments closed 51 cents higher to a new closing high of $5 in an exchange of 226,000 shares. Salada Foods fell by $1.30 to $28 with 11,200 shares traded, Scotia Group advanced by $3.30, after 13,966 shares changed hands to settle at $59.50, Supreme Ventures gained 45 cents to close at $26.50 with 26,155 shares being exchanged and Sygnus Credit Investments lost 67 cents, in closing at $23.03 after trading 4,582 shares.
Trading in the US dollar market ended with 331,909 units valued at $79,101 and the market index dipped 0.02 points to 196.66. Proven Investments exchanged 285,009 units to close at 26.98 US cents, Sterling Investmentsended at 3 US cents after losing 0.03 of a US cent trading 38,000 shares and Sygnus Credit Investmentslost 0.01 of a US cent to close at 14 US cents with 8,900 shares changing hands.

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Indies Pharma Q3 sales jump 45%

October 14, 2019 by

The financial news out of Indies Pharma for its third quarter to July were mixed at best as sale revenues jumped a strong 45 percent to $215 million from $148 million in the 2018 period but profit inched just 9 percent higher to $34 million from $31 million in 2018.
Sale revenues for the nine months to July increased 28 percent to $576 million from $449 million in 2018 but profit soared 41 percent to $113 million from $80 million after-tax liability of $24 million in the similar 2018 period but profit before tax, rose just 8 percent. While many investors are guided by the bottom-line growth, others see great virtue in the growth of the business hence the strong sales increase is viewed as a positive indicator for future hikes in profit.
The less than spectacular growth in profits started in the second quarter ending April when the company posted $33 million before tax after tax compared to $38 million in the same quarter of 2018.
Gross profit margin in the third quarter declined to 63 percent from 68 percent in the 2018 period, but for the year to date, gross profit margin improved to 67 percent from 64 percent in the nine-month period in 2018. Cost of sales rose 68 percent to $79 million from $47 million for the quarter and increased by 18 percent to $189 million from $161 million in 2018 for the year to date. The effect, operating profit fell just 3 percent in the quarter from $35 million from $34 million but increased 4 percent year to date to $113 million from $109 million in 2018.
Administrative expenses rose stunning 51 percent to $104 million in the quarter from $69 million in 2018 and increased 52 percent in the nine months period to $276 million compared to $181 million in 2018.

Vishnu Muppuri – Executive director of Indies.

The spike in administrative expenses resulted from “significant increases incurred for rent, lease and set-up costs for the new facility in Montego Bay Freeport”, Vishnu Muppuri the company’s Executive director, reported. Finance cost declined in the quarter to $85,000 from $3 million in 2018 and from $4 million in 2018 to $281,000 for the nine-month period.
Gross cash flow from operating activities brought in $126 million but changes in working capital including increases to directors and related companies reduced the net inflows to $98 million, after paying dividends of $107 million in February, cash funds ended up at $71 million, down from $101 million at the start of the financial year. Net current assets ended the period at $660 million inclusive of receivables of $197 million, related parties and directors’ receivables of $201 million. Current liabilities stood at just $62 million. The company has no debt as all loans were retired in the 2018 fiscal year. At the end of July, shareholders’ equity stood at $680 million.
The stock traded at $3.25 on the Junior Market of the Jamaica Stock Exchange. Earnings per share came out at 3 cents for the quarter and 9 cents for the nine months and should end around 12 cents for the full year for PE of 27 times earnings. While the stock appears over-priced, the strong growth in revenues for 2019, if it continues, should see 2020 earnings hitting 25 cents per share that would reduce the PE to 13 times in the new fiscal year that starts in November.

Filed Under: Company News, Company Results Tagged With: , , , , ,

Q1 profit falls 13% at JBG

October 10, 2019 by

Profit at Jamaica Broilers Group fell 13 percent in the July quarter to $361 million from $413 million in 2018 but IC Insider.com computations point to strong gains in profit for the year ending in April 2020 as revenues rise and costs are contained below inflation.
At the same time, profit attributable to shareholders dropped 8 percent to $368 million from $399 million in 2018 even as gross profit increased slightly over 2018 from $3.18 billion to $3.32 billion as sale revenues rose 9 percent to $13 billion, from $12 billion in the corresponding quarter in 2018.
Cost of sales increased 11 percent for the quarter, to $10 billion from $9 billion in 2018 resulting in gross profit margin in the quarter declining to 25 percent from 26 percent in 2018. Distribution cost rose just 2 percent to $445 million from $436 million in the corresponding quarter in 2018. Operating profit increased by 2 percent to $679 million from $665 million in 2018. Finance income fell sharply by 88 percent to $36 million from $300 million in the corresponding period in 2018.

Jamaica Broilers chicken

Administrative expenses remained flat at $2.3 billion, but Finance cost, declined by 7 percent to $299 million from $324 million in 2018 and corporate taxes fell a sharp 76 percent to $55 million.
The group’s segment results were mixed, with foreign exchange losses and political and economic volatility in Haiti negatively impacting the results. The Jamaica segment produced $8.4 billion in revenues, but just slightly above the $8.24 billion generated in 2018 profit resulting in a 9 percent fall in segment profit of $764 million. Operations in Haiti produced $19 million in profit compared to $60 million in the previous year from a fall in revenues from $595 million down to $530 million. Profit from the US operations climbed by 11 percent to $333 million from $ 300 million in 2018 as revenues climbed to $4.34 billion from $3.3 billion in 2018.
Gross cash flows from brought in $650 million but after a dividend payment in the quarter amounted to $212 million and other long term liabilities of $720 million, cash inflows ended at $316 million and that pushed cash and equivalent to $3.65 billion. At the end of July, shareholders’ equity stood at $15 billion with borrowings at just $7 billion. Current assets ended the period at $22 billion inclusive of receivables of $4 billion and inventories of $7 billion, cash and bank balances of $4 billion and current liabilities of $13 billion.
Earnings per share came out at 35.81 cents for the quarter. IC Insider.com is forecasting $3.50 per share for PE of 10 times the current year’s earnings and earnings of $5 for the 2021 fiscal year.

Filed Under: Buy Rated, Company News, Company Results Tagged With: , , ,

QWI Investments list on Monday

September 27, 2019 by

The latest initial public offering of shares QWI Investments was approved for listing on the main market the Jamaica Stock Exchange on Friday and will be listed on Monday.
The offer of shares was initially for 600 million units but was upsized to 900 million after the issue was oversubscribed. The issue saw more than 4,000 applicants applying for more than 1.6 million shares and pulled in just over $2 billion with more investors who never caught the IPO wanting shares.
As a result of the oversubscription, applicants from the General Public received the first 100,000 units plus 31.2188 percent of the excess applied for. NCB Capital Markets and Directors of QWI Investments get the full allotments. All other applicants got a portion of what they applied for with a minimum of 76,000 units for applicants in the Jamaican Teas and KIW International pool.

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QWI IPO opens next week Monday

September 10, 2019 by

QWI Investments, a recent start-up investment company’s initial public offer of shares opens on Monday, September 16, with the sale of 600 million units.
The company has the option subject to the Financial Services Commission, to upsize the amount to 900 million shares if demands warrant it. Shares are being offered to the general public, at $1.35 each.
The amount expected to be raised is $787 million from the 600 million shares but could rise to just under $1.2 billion if the company upsize the issue to the maximum permissible.
The investment objectives of the Company is to invest primarily in securities of companies listed on the Jamaica Stock Exchange and on other recognised overseas stock exchanges with a medium to long term investment horizon to provide attractive risk-adjusted returns, with diversification across industries and regions. The portfolio will be actively managed on an ongoing basis guided by the investments team.
The company, currently a subsidiary of Jamaican Teas, really started operations towards the end of March when it acquired the quoted shares, from KIW international and Jamaican Teas amounting to $465 million. Since then it has grown the net assets by 52 percent to $705 million after accounting for operating expenses, well ahead of growth in the JSE composite Index over the same period. The performance equates to earnings per share in the period of 51 cents. At the end of July unaudited placed the net asset value at $1.52 per share.
Of the 600 million shares on offer, 270 million units are set aside for the general public. 115 million shares each are earmarked for NCB Insurance Company and NCB Capital Markets. Shareholders of Jamaican Teas and KIW International on record on 16 September 2019 can buy up 45 million shares at $1.25 each per share. Directors of the group and customers have 55 million units set aside at varying prices.
QWI had quoted shares amounting to $899 million at the end of July and current liabilities of $188 million. The closing date for the issue is set for 30 September but could be extended if market conditions demand it.
The QWI board is chaired John Jackson, John Mahfood, Cameron Burnet, all Chartered Accountants, Carl Carby, Management Accountant, David Stephens, Investor and business owner and Malcolm McDonald, Attorney at Law.
The shares are to be listed on the main market of the Jamaica Stock Exchange. NCB Capital Markets are the brokers to the issue and will be using their electronic portal to process all applications, which should allow for speedy processing of applications.
Persons involved in preparing this story, are connected to QWI investments.

Filed Under: Feature Stories, Initial Public Offers Tagged With: , , , , , , ,