Small to medium sized companies incorporated or registered and operating in Jamaica or Caribbean Community and Common Market (CARICOM) may apply to list securities on the JSE Junior Market. Such companies should not have been listed or be an associate of a company listed on the Main Market of the Exchange or on a main trading platform of any other stock exchange.
Companies that list on the Junior Market benefit from full exemption of the payment of income tax for the first five (5) years after listing, and a 50% exemption in the subsequent five (5) year period. The requirements for listing on the Junior Market are:
The minimum requirements for a company’s securities to be considered for listing, among others, are:
- Fully paid share capital of not less than JMD50 million and not more than JMD500 million
- Minimum public free float of 20% to at least 100 shareholders
- Articles of Association or Incorporation, or other corresponding document must conform to the Exchange’s requirements.
- Satisfaction of the JSE’s Mentor requirement.
See Rule 500 of the JSE’s Rules for full details of the listing requirements.
- Prospectus or other offer document
- Completed Application for Listing and Listing Agreement
- Articles of Incorporation or other corresponding document
- A certified copy of the resolution of the Directors or Shareholders, authorizing application for listing
- Other documents that the Exchange may require.
- Submit Quarterly Financial Statements at intervals not exceeding three (3) months and within forty-five (45) days of end of the period to which the statements relate.
- Submit Audited Financial Statements within ninety (90) days of the company’s financial year-end, or in keeping with fourth quarter option.
- Submit Annual Report within one hundred and twenty (120) days of the company’s financial year-end.
- Provide notification of any corporate actions, profits, issues, expansion programmes and any other material changes, including any other information necessary to enable share or stockholders to appraise the position of the company and to avoid the establishment of a false market in the company’s securities.
See Rule 500 of the JSE’s Rules for full details.