At least two more companies will go public next month after accessing a portion of Mayberry Investments’ $1 billion equity fund, according to near-bank’s CEO Gary Peart.
The company established the fund for new equity offers on the Jamaica Stock Exchange (JSE) Junior Market, which will give businesses capital that is needed for an initial public offering (IPO).Mayberry has a penchant for export-driven companies, but Peart declined to disclose the names of the companies that he is currently in discussion with.Mayberry doesn’t only bring companies to market by being their brokers, but helps with capital they need to list, he said.Most recently, the firm was signed on as financial advisor by Caribbean Flavours and Fragrances (CFF), which aims to raise additional capital and expand its operations, both locally and overseas.Based in Kingston, CFF makes and distributes over 25 flavours and water soluble colours for the food, beverage, baking, confectionery and pharmaceutical industries, and supplies Caribbean food and beverage manufacturers, in Jamaica, Trinidad and Tobago, Grenada, Barbados, St Kitts, Guyana, USA and Canada, including J Wray & Nephew, Grace Canning, Pepsi Cola Jamaica Bottling, Wisynco, Nestle JMP, Banks distillers in Barbados, Trinidad and St Kitts, as well as DDL Guyana.It also manufactures and supplies fragrances for household cleaning, body care, aroma therapy and air re-freshener industries.Niether company have made public whether the equity will be raised through the stock exchange.Mayberry reported a 32 per cent year over increase in its second-quarter profit. Posting $47.9 million in net profit for the three months ended June 30, up from $36.1 million during the comparative period last year.Mayberry’s revenue declined by 14 per cent during the three month period, when the company made $186.1 million in sales.Despite the decline in revenue, Mayberry’s chief executive officer noted that the increase in profit is a result of greater efficiency.HOUSE RULES
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Two more IPOs by September - Peart
