Up to $50m loan to buy Wigton shares
April 8, 2019 by
Wigton Windfarm initial public offer of shares will be able to access up $50 million in loan financing from NCB Capital Markets (NCBCM) to fund up to 50 percent of the purchase, NCBCM’s CEO Steven Gooden informed IC Insider.com.
The Wigton IPO, is generating lots of interest, amongst Jamaicans, residing locally and overseas and should pull in around $6 billion before expenses for the sellers, PetroJam. It will be one of the larger issues, to hit the Jamaican capital market.
In addition to providing margin funding to assist in purchasing the new IPO issue, NCBCM online portal, dubbed ‘GoIPO’ and created in conjunction with the Jamaica Central Securities Depository , will be available for their investors to use in making application for the shares. The application will allow investors with accounts at NCBCM, to easily fill out application forms as the system will automatically populate the form with the other information for persons with login access codes.
The GoIPO was born out of the major challenges that NCB encountered when they brokered the Wisynco IPO.
Investors with login codes can use them to access NCB system and access accounts that will fund the application. The system will be show the Wigton IPO application from which the appropriate application form is to be fill out. The required information will be the sum being invested. The system will compute the number of shares being applied for and the applicant will identify the account that the funds will come from. Persons having no login code will have go online and fill in name, JSCD account number and TRN and enter the sum they are investing and method of payment as well as upload a photo ID to go with the application.
The new system will eliminate the need to visit a locations to deliver applications and significantly reduce errors associated with manual processing.
Of the GoIPO solution, platform is encrypted, providing security and confidentiality to users, who can access the digital portal once they have a JCSD number. Gooden said, too, that as selling agents of the IPO, NCBCM possesses the largest distribution channel within the broker space and clients who do not wish to apply digitally are encouraged to complete and return their forms to NCBCM locations islandwide.
NCBCM say that investors can apply through the NCB system to apply for shares to go into other brokerage accounts.
Investors in The Wigton IPO, is generating lots of interest, amongst Jamaicans, residing locally and overseas and should pull in around $6 billion before expenses for the sellers, PetroJam. It will be one of the larger issues, to hit the Jamaican capital market.
In addition to providing margin funding to assist in purchasing the new IPO issue, NCBCM online portal, dubbed ‘GoIPO’ and created in conjunction with the Jamaica Central Securities Depository , will be available for their investors to use in making application for the shares. The application will allow investors with accounts at NCBCM, to easily fill out application forms as the system will automatically populate the form with the other information for persons with login access codes.
The GoIPO was born out of the major challenges that NCB encountered when they brokered the Wisynco IPO.
Investors with login codes can use them to access NCB system and access accounts that will fund the application. The system will be show the Wigton IPO application from which the appropriate application form is to be fill out. The required information will be the sum being invested. The system will compute the number of shares being applied for and the applicant will identify the account that the funds will come from. Persons having no login code will have go online and fill in name, JSCD account number and TRN and enter the sum they are investing and method of payment as well as upload a photo ID to go with the application.
The new system will eliminate the need to visit a locations to deliver applications and significantly reduce errors associated with manual processing.
Of the GoIPO solution, platform is encrypted, providing security and confidentiality to users, who can access the digital portal once they have a JCSD number. Gooden said, too, that as selling agents of the IPO, NCBCM possesses the largest distribution channel within the broker space and clients who do not wish to apply digitally are encouraged to complete and return their forms to NCBCM locations islandwide.
NCBCM say that investors can apply through the NCB system to apply for shares to go into other brokerage accounts.
Jamaican economy fell 1.4% in Q3
January 2, 2015 by
Statin sated that the performance for the September quarter was negatively impacted by a 7.8 percent fall in the Goods Producing industries but the Service industries improved by 0.7 percent. When compared to the second quarter of 2014, output in the economy fell by 1.8 percent.
All industries within the Goods Producing industries, with the exception of Construction experienced lower levels of output. Reduced output was recorded in: Agriculture, Forestry & Fishing 22.8 percent, Manufacturing 5.6 percent and Mining & Quarrying 2 percent. The Construction industry grew by 1.6 percent.
“The weak performance in the Agriculture, Forestry & Fishing industry resulted from drought conditions experienced throughout the island. The decline in Manufacturing was mainly attributed to a 51.6 percent decline in petroleum refining. There was no production of petroleum products for two months of the review quarter as the refinery was closed for operational maintenance in August and September. Lower production in the Mining & Quarrying industry was due largely to a 3.2 percent fall in alumina production. However, crude bauxite production increased by 2.2 percent resulting from improved efficiency at the bauxite plant,” Statin said.
Increased output was recorded for all industries within the Services industries with the exception of Government Services, down 0.2 percent and Electricity & Water Supply, down 1.1 percent. Higher output levels were recorded for; Hotels & Restaurants 4.1 percent, Other Services 1.6 percent. Transport, Storage & Communication 1.1 percent, Real Estate, Renting & Business Activities 0.4 percent, Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment 0.3 percent and Finance & Insurance Services 0.2 percent.