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On October 14, 2013 Caribbean Flavours & Fragrances was successfully listed on the Jamaica Stock Exchange’s Junior market. The JSE in a release states that “This has brought the total listing on the Junior Market to 19 and the total Market Capitalization on the Junior Market to $26.39 Billion.” This is also the 12th company being listed by its broker Mayberry Investments Ltd.
Over J$2.5 Billion Raised For Small & Medium Enterprises
The JSE’s Junior market has performed remarkably well since inception, with a steady flow of continuous listings – buoyed by the attracted benefits behind it. Companies listing on the JSE’s Junior market pay no corporate income tax for the first 5 years and half of the normal rate for the next 5 (once they remain listed and if not, retroactive tax penalties apply). The release states;
Mr. Robin Levy, Deputy General Manager of the Jamaica Stock Exchange, in welcoming Caribbean Fragrance and Flavour to the Market informed the audience that with this listing the total amount of money now raised on the Junior Market stands at over two-and-a-half billion dollars. These moneys have been raised by small and medium size business for various activities, including to expand their businesses, improve working capital or to retire debt. Noting that the Junior Market was seen as one of the few rays of hope in the Jamaican business sector, he went on to thank the Minister of Finance & Planning for his pronouncement that all the benefits currently in place for existing Junior Market Companies will remain in place. However, Mr. Levy implored the Minister to remove the uncertainty surrounding the Junior Market and encouraged a decision that would continue to provide hope for ambitious entrepreneurs.
At the company’s listing ceremony, normally a well attended and joyous occasion, the managing director himself got to address the crowd and share his feelings on this momentous achievement. The JSE release states;
Mr. Anand James, Managing Director of Caribbean Flavours & Fragrances, reiterated his company’s commitment to Jamaica and the Manufacturing sector in particular. He told the audience that he was glad the company had been taken out of family-owned hands and put in the hands of the approximately 300 new shareholders. This, he believes, will ensure the long term survival of the business. He also, shared with the audience that the listing of the company allowed the Company’s staff members to share in the ownership of the business and will encourage them to better understand the stock market.
