Exactly five years after delisting from the Barbados Stock Exchange (BSE), Trinidad and Tobago-based conglomerate Massy has announced its cross listing on the Jamaica Stock Exchange (JSE), which was initiated on January 27, 2022.
Massy Holdings Limited, which is trading under the symbol MASSY and is listed on the Trinidad and Tobago Stock Exchange, opened share trades on the JSE with a listing prices of JA$2,463.08.
The cross listing represents a critical transaction for Jamaica and the region at large, according to the company in a statement announcing the listing on the JSE.
It pointed out that the company’s decision to crosslist, especially in this period of continued uncertainty related to COVID-19, was a major step towards building a more regional capital market, one that is far more intertwined and consequently more robust and beneficial to companies throughout the Caribbean.
“Since the announcement of its decision to crosslist on the JSE in May 2021, and appointment of Barita Investments Limited and First Citizens Brokerage & Advisory Services as advisors in August 2021, our teams have worked together to deliver to shareholders and potential investors in Jamaica an attractive opportunity to invest in one of the largest and most diversified companies in the region,” the
company said.
Pointing to future plans, Gervase Warner, Executive Director, President and Group CEO of Massy said: “We will continue geographic expansion in the Caribbean Basin as well as further investment in existing countries where growth prospects are most attractive.”
“Future investments will be focused on our three main portfolios and the Group is increasingly confident to start searching for global opportunities beyond the Caribbean Basin.
While we have a considerable cash reserve and significant borrowing capacity to fund our growth plans, the cross listing on the JSE enhances our prospects for raising additional capital in the future to support our most ambitious aspirations for growth,” Warner noted.
“What Massy presents to the Jamaican investor is an opportunity to widen their portfolio exposure to industries that are currently unrepresented or underrepresented on the JSE,” said Terise Kettle, Vice President of Investment Banking at Barita Investments Limited.
“These industries fall within Massy’s key industry portfolios which include Gas Products, Motors and Machines and Integrated Retail. Beyond industry diversification, Massy will allow investors on the JSE an opportunity to diversify their portfolios geographic holdings, as Massy operates in more than 15 countries in the Caribbean Basin with most significant contributions coming from Trinidad and Tobago, Guyana, Barbados, Easter Caribbean, Colombia, Jamaica and USA; offering investors an immediate foothold into these countries with the purchase of a single stock,” Kettle added.
Richard Look Kin, General Manager at First Citizens Investment Services, said “as Massy approaches the centenary of its founding, First Citizens is delighted to continue our long-standing partnership with Massy, as Co-Brokers and Advisors along with Barita Investments Limited, on the cross listing of Massy’s shares on the Jamaica Stock Exchange.”
“This transaction represents another step in Massy’s role in modelling a truly Pan-Caribbean Group. This is an opportunity for Jamaican investors to not only participate in Massy’s financial success, but also in the Group’s journey towards its purpose to be a Force for Good, Creating Value, and Transforming Life,” added Kin.
In the 2021 financial year alone, Massy provided shareholders with a dividend yield of 4.32 per cent and a share price return of 39.83 per cent. This came on the back of the asset sales as the Group restructured to shed assets that were returning less than Massy’s Weighted Average Cost of Capital (WACC) of approximately 9.60 per cent. (PR)
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