AMG Packaging and Paper Company Ltd. – Stocks & Securities First Ever Listing
(KINGSTON July 12, 2011):Stocks & Securities achieved another major milestone today when they brought AMG to the market. AMG listed its 102 million ordinary shares on the Junior Market at a price of $2.88, raising some $57.8M dollars. AGM Packaging also became the 10th company to be listed on the Junior Market, moving the number of companies on the Junior Market into double digits.
In welcoming AMG to the market, General Manager of the Jamaica Stock Exchange (JSE) told the audience that“since the inception of the Junior Market, small and medium sized companies have raised by Initial Public Offering (IPO) over $1.2b with AMG as one of the recipient of investors’ confidence. This market which started with market capitalization of $503M now has a market cap of $11B. This not only shows growth in the market, but it is a measurement of the support and confidence that investors have in these companies and the high performance of they have achieved to date”.
According to Mrs. Street Forrest, “the Junior Market Companies have taken advantage of the Government’s ten-year (10) corporate tax holiday given to companies listed on the Junior Market, which should allow the Companies the breathing space for product development and process improvement. We are pleased to see more manufacturing companies listed on the market as this gives hope for the revitalization of this critical sector of the economy. With listings like these, the country is poised for growth in the medium to long term”.
Mr. Mark Chin, Chairman of AMG Packaging, told the audience that his company was proud to be the tenth company to be listed on the Junior Market and after all the hard work that his team had put in to ensure the success of the listing, it was good to see the fruits of their labour. He went on to say that based on AMG’s future plans, he expects this will result in a stellar performance by the company, and hopes that his will result in the company’s share price doubling. He believes this would be a great reward to shareholders who have shown such confidence in AMG.
Mr. Mark Croskery, President & CEO of SSL, in his address, stated that while SSL was incorporated in 1973 and obtained its license from the JSE to operate as a Brokerage House in 1977, it was the first time that they were bringing a company to market. He went on to say that this was a proud moment for SSL and the beginning of a movement to bring other companies to market. He thanked the JSE for establishing the Junior Market platform as it is one bright light in Jamaica, benefiting both the Listed Companies and the Investors.