IPO being contemplated among financing options

Durrant Pate/Contributor

Cari-Med Group is contemplating going public as part of a number of financing options being explored by the Jamaican company, which is a leading pharmaceutical distributor in the Caribbean.

The company is considering floating an initial public offering (IPO) and listing on the Jamaica Stock Exchange (JSE). 

This was disclosed by Cari-Med Chairman Glenford Christian, who announced the retention of NCB Capital Markets Limited and MH&CO, attorneys-at-law, as its professional advisors as it contemplates and explores the financing possibilities.

Said Christian: “Cari-Med has always been guided by the ethos that it makes commercial decisions on an as-needed basis.

“Ultimately, our decision to float an IPO would be guided by the said ethos and the professional advice that we receive. We are also cognisant of the fact that any IPO and listing on the JSE would be subject to the approval, or non-objection of, the relevant regulators.”

Cari-Med expansion mode

Cari-Med is currently in expansion mode and is investing more than J$6 billion in the development of a distribution centre in St Catherine. The 258,000-square-foot facility, which is being built on land along Salt Pond Road in Bernard Lodge, will house the warehouses and administrative offices of the entity’s Consumer Goods Division.

The first phase of the project, where ground was broken in 2019 by Prime Minister Andrew Holness is close to completion.

Cari-Med was established in 1986 by Christian, distributing a wide range of household, personal care, and pharmaceutical products, and foods.

The operations have grown over the years to now comprise Cari-Med Distributors, Kirk Distributors and its export arm, Cari-Med International. The company has grown as one of the pre-eminent distributors in the fast-moving consumer goods sector. 

It represents and distributes iconic products from the world’s leading pharmaceutical manufacturers and purveyors of consumer goods.