NCB Capital Markets, brokers to the initial public offer of ordinary and preference shares for Productive Business Solutions which opened July 5, 2017 closed on Tuesday, July 11 for the Ordinary Shares at the price of US$0.55 per share.
The brokerage house, stated that the basis of allocation to be communicated later. The Invitation for subscription by the Company in respect of at a price of J$100 per share remains open and the public will be duly advised when same is closed. The original date for closure of both issues was set for July 26.
PBS issue was seeking to raise US$41.5 million by ordinary shares, with US$8.7 million of it to be used to International Finance Corporation. The IPO also includes 25,800,000 9.75% Redeemable Cumulative Preference Shares denominated in Jamaican dollars. The issue allocated 27,272,727 of the ordinary shares for Portland JSX, 7,272,727 units for staff with 4,545,455 shares for the General Public.
Part of the proceeds will be used to paid debt of US$17.45 million and working capital of US$13.85 million.

Ian Dear, Managing Director of Express Catering

For the year to December 2016, a loss of US$3.3 million was incurred down from a profit of $1.2 million in 2015. Revenues fell in both years to $171 million in 2016 from $194 million in 2015 and $202 million in 2014 when a small loss was incurred. Finance cost in 2016 increased by $2.6 million. The increase is attributed primarily to interest associated with the increase in debt of $998,000, FX loss of $920,000, and amortization of deferred expenses associated with the bond of $724,000. In the March 2017 quarter revenues rose to US$42.45 million from US$39.32 million with profit rising to US$838,000 before taxation of US$389,000 from a loss the year before.
PBS has borrowings of US$66 million with US$10 million due to related parties as at December 2016. The prospectus indicates that the shares are to be listed on the main market of the Jamaica Stock Exchange and on Barbados Stock Exchange’s International Securities Market, subsequent to listing in Jamaica.
Reports reaching IC Insider.com is that Express Catering was oversubscribed with the issue closing this morning as more than 1,000 applications were received by the broker for the issue, Mayberry Investments. The 100 percent Shareholder of Express Catering, Margaritaville St Lucia, offered 327,500,000 of existing shares for sale at $1.50 each, to raise approximately $490 million. Only 32.6 million shares were made available to the general public. The Stock is slated for listing on the Junior Market.