Managing Director of BSE, Marlon Yarde (left), Paul Scott, Chairman, PBS Group Ltd and Debbie Fraser engaging in light conversation following the listing ceremony.
New Listing on Barbados, Jamaica Stock Exchanges
With the introduction of the Productive Business Solutions Limited (PBS) Listing, regional and international investors now have more investment opportunities on the Barbados and Jamaica Stock Exchanges.
Speaking during the listing ceremony, which took place at the Barbados Stock Exchange’s headquarters yesterday morning, Managing Director of BSE, Marlon Yarde, revealed that PBS, which is an international business company incorporated and licensed under the laws of Barbados, was welcomed to the International Securities Market (ISM).
He noted that PBS became the first listing on BSE’s ISM, which was established earlier this year by the BSE as an exchange to promote Barbados as an attractive domicile for local and foreign securities.
“We at the BSE are delighted – dare I say excited – to have Productive Business Solutions Limited as the inaugural listing on the International Securities Market of the Barbados Stock Exchange,” he said.
“We believe the listing of your company on the ISM, in a jurisdiction such as Barbados, with its reputation and strong regulatory framework, will enhance PBS’ profile as a business that exemplifies dignity and fairness to all of its stakeholders. We also believe that this listing will catapult your company to the next level of growth and expansion, not only regionally but internationally as well.”
It was revealed that in July, PBS raised US$41.5 million in an oversubscribed Initial Public Offering (IPO) of ordinary and preference-shared and listed its securities on the JSE in one of the largest public offerings to date in Jamaica. Paul B. Scott, Chairman of PBS Ltd. explained that the company had made a deliberate decision to offer a secondary listing on the BSE in order to offer investors access to a regional company and support the vision for a more integrated and regional
securities exchange, and highlighted that they were eager to work with the BSE.
Scott formally expressed his gratitude to those sponsors involved in making this listing a success, such as CIBC First Caribbean and its Investment Banking Unit, which acted as the Lead Arranger for PBS and ListAssist for their sponsorship and assisted in PBS’s listing on ISM.