Hart family to list Cargo Handlers
Published:Friday | November 26, 2010 | 12:00 AM
A port company in Montego Bay is set to become the first western Jamaica organisation to raise equity capital via the junior stock market, and the eighth IPO target for the JSE Junior Exchange.
Mayberry Investments Limited announced Cargo Handlers Limited's plans to list on the exchange.
But Gary Peart, chief executive officer of the investment company which has previously brokered six junior listings, said he could not divulge any information before the prospectus is approved by the Financial Services Commission.
However, approximately 50 per cent of the shares on offer are to be placed in a trust for employees at no cost to them, with dividend to be paid out based on performance.
The JSE Junior Index, comprising six stocks, traded up 2.48 points to close at 306.73 points yesterday.
Cargo Handlers is owned by the Hart family.
The capital raised is earmarked for expansion of the business.
Companies wishing to list on the Junior Stock Exchange are required to raise no less than J$50 million and no more than J$500 million.
Another north coast company, Dolphin Cove, is also in the process of preparing to offer shares through the junior market. That IPO is being arranged by PanCaribbean.