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LASCO celebrates ‘sustainable growth’ at JSE Graduation Listing Ceremony

Announces upcoming solar plant project

Published:Friday | April 5, 2024 | 12:06 AM
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Vincent Chen (left), Company secretary at LASCO receives the Jamaica Stock Exchange (JSE) Main Market Rule Book from Reynard White, JSE deputy chief regulatory officer during Graduation Listing Ceremony held at the Jamaica Stock Exchange Harbour Street off
Contributed
Vincent Chen (left), Company secretary at LASCO receives the Jamaica Stock Exchange (JSE) Main Market Rule Book from Reynard White, JSE deputy chief regulatory officer during Graduation Listing Ceremony held at the Jamaica Stock Exchange Harbour Street offices on Wednesday, March 27.
Dr Eileen Chin (fourth left), non-executive director at LASCO Manufacturing Limited and widow of late Chairman of LASCO Affiliated Companies, Lascelles Chin, and James Rawle (fourth right), executive chairman at LASCO Affiliated Companies, point to the lis
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Dr Eileen Chin (fourth left), non-executive director at LASCO Manufacturing Limited and widow of late Chairman of LASCO Affiliated Companies, Lascelles Chin, and James Rawle (fourth right), executive chairman at LASCO Affiliated Companies, point to the listed LASCO companies, as members of the LASCO team beam with pride.
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LASCO Distributors Limited and LASCO Manufacturing Limited, transitioned their listed ordinary shares from the Junior Market to the Main Market of the Jamaica Stock Exchange (JSE) on Wednesday, March 27, in a move that was described as ‘coming of age’ for the companies.

James Rawle, executive chairman of LASCO-Affiliated companies, hailed the late chairman, Lascelles Chin, for having conceptualised and guided the journey. He noted that while LASCO celebrates the momentous occasion, “it is with sadness that we acknowledge his absence on this remarkable day of both companies migrating to the Main Market”.

Rawle remarked that, “under the guidance of Las Chin, the respective boards of both companies have grown to become major players within Jamaica’s economic framework. This maturity signifies not ageing, but rather a coming of age, and poise for continued growth. We are grown, but we still have a long trajectory before us and we remain committed to delivering sustainable results year on end ... we have adopted a mantra to grow in a sustainable way.”

He praised Las Chin’s foresight, particularly in technological advancements within LASCO’s manufacturing plant, which has significantly contributed to employment growth and operational efficiency, noting that employment has more than tripled in each company over the past 13 years.

LASCO Distributors and LASCO Manufacturing were pioneers in listing on Jamaica’s Junior Stock Market in 2010. LASCO Distributors Limited is renowned for its distribution of pharmaceuticals, consumer goods, and household products locally and overseas, while LASCO Manufacturing Limited specialises in manufacturing and selling soy protein beverages, packaged drinks, and other consumer items. The market capitalisation of both companies now exceeds the Junior Market threshold, with LASCO Manufacturing at well over J$20.04 billion and LASCO Distributors at over J$13.57 billion, a company release notes.

The executive chairman expressed pride in the companies’ monumental growth. He highlighted LASCO’s adaptability, evolution, and commitment to maintaining the highest standards of governance and transparency.

Emphasising that growth remains on the agenda for the LASCO Affiliated Companies, Rawle announced the imminent inauguration of a 500 KwH solar plant, a joint project with USAID, which will significantly contribute to sustainable energy efforts in Jamaica.