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Financial News

Jul 2014 Financial News

Sterling Investments for JSE listing

Jul 25, 2014

Sterling Investments Limited (SIL) has engaged GK Capital Management and PWL Transition Limited (formerly First Global Financial Services Limited) as lead brokers for their upcoming listing on the main market of the Jamaica Stock Exchange (JSE).

The signing of the mandate letter took place at the offices of GK Capital Management Limited, in Kingston, on Tuesday, according to a release.

According to Sterling Asset Management Limited chief executive officer and investment manager of the investments outfit, Charles Ross, "The listing provides existing shareholders with liquidity and opens up access for new institutional and individual investors."

He said, "First Global was one of the first brokers to recommend SIL to their pension funds and clients. Their understanding of the investment structure and strategy was solid; it was clear that they would be in the best position to take the company to market."

Gain in shares value

SIL is a St Lucia-registered investment holding company that invests in global fixed-income assets. Last year, investors saw a gain in the value of their shares of 21.4 per cent compared to an overall decline in the stock market of 12.5 per cent, the release said.

The majority of the shareholders are pension funds, retirees and individual local equity investors.

SIL's board is chaired by noted attorney Derrick Jones, while the other directors are Michael Bernard, Max Rochester and Charles Ross.

Ross told the Financial Gleaner said yesterday that the company was not aiming to raise funds. Rather, it will be listing by introduction on the JSE.

"We will be selling a small number of shares to take us up to the 100 shareholder minimum," Ross said, adding that the planned listing is chiefly to facilitate trading.

 

Source:
business@gleanerjm.com
Jamaica Gleaner
Friday July 25, 2014

http://jamaica-gleaner.com/gleaner/20140725/business/business91.html