Encouraged by buoyancy of equities market in raising capital for companies

Durrant Pate/Contributor

The Jamaica Stock Exchange (JSE) has articulated its immediate priorities in the coming months ahead in the midst of a softening equities market in 2023.

The JSE recorded a tremendous 2022 in which its raised J$6.84 billion and had 12 listings. In addition, the JSE recorded its one hundredth listing in 2022, which was marked by a historic listing ceremony in September 2022.

Since then, the market has softened but the JSE intends to get busy in the months ahead to bring back new life to the equities market. The JSE has outlined a slew of initiatives at its Annual General Meeting (AGM) last Thursday, June 22 at its 40 Harbour Street, downtown Kingston head office, which was held in hybrid format.

• Among the initiatives to be rolled out in the coming months include:

• Continued regional and global expansion through partnership building.

• Further digitisation and commercialisation.

• Strengthening of the Company’s Corporate Governance framework.

• The introduction of additional products and services to further diversify the Company’s income streams.

• Increased participation in Corporate Social Responsibility through its continued support of the Jamaica Social Stock Exchange.

Chairman’s remarks

At the 46th AGM, JSE Chairman, Julian Mair told the audience that the organisation “is encouraged by the buoyancy of the capital market, which was demonstrated by listed companies’ continued use of the Exchange to raise additional capital and the oversubscription of initial public offerings during the period….During the period under review, the JSE generated in excess of J$500 million in profit.”

Profits increased to J$503 million in 2022 from J$497 million in the previous year. Total equity for 2022 increased from J$1.9 billion to J$2.2 billion and earnings per share moved from 71 cents to 72 cents.

“During 2022, the JSE continued to successfully deliver on its strategic goals and objectives. We take pride in the fact that the company either met or exceeded these goals or made substantial strides towards achieving them,” Mair added.

For her part, JSE Executive Director, Marlene Street Forrest highlighted that the JSE’s strategic approach to sustainability is grounded in the sound principles of governance, the use of technology, the effective utilisation of people and processes noting that this multi-dimensional approach has continued to drive its transformation and growth. She admitted that emphasis and spending on communication, market education and public awareness is key to its achieving local, regional, and international expansion.

According to Street Forrest, “With technology in the industry moving at a fast pace, and many new legislations being contemplated or on the cusp of being implemented that could affect our operation, the Group has been ensuring our operational readiness. Consequently, our team has spent a considerable number of man-hours on the areas of Business Continuity, Cyber Security, Data Protection, Enterprise Risk Management and Data Management policies and procedures ensuring that not only are the frameworks in place but that they are operational.”

Send feedback to [email protected]