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Michael Lee Chin's PJX IPO Oversubscribed by 23.5%

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The Initial Public Offering (IPO) for Michael Lee Chin’s Portland JSX Limited, which closed on Wednesday, was reportedly oversubscribed by 23.5%.

The company which went to market on June 8 to raise J$1.23 billion from a total of 111,818,182 ordinary shares priced at J$11.00 each.

Funds raised exceeded its initial target by $290 million closing at approximately J$1.52 billion, making it the largest IPO of ordinary shares ever on the Jamaica Stock Exchange.

According to lead broker, Victoria Mutual Wealth Management, the initial offer would have allowed new investors just under a 40% stake in the company, however, based on the overwhelming response; Portland JSX decided to upsize the offer.

The IPO provided an exposure that is new to the Jamaican marketplace, as investors were able to diversify their investment portfolio across country, sector and currency.

General Manager of VMWM, Devon Barrett shared that the success of the IPO was due in part to the “high level of investor confidence in the Portland Private Equity Management Team”. He continued “The IPO’s success is proof that the market is currently experiencing a positive investment environment in Jamaica”.

Portland JSX is expected to list on the main market of the Jamaica Stock Exchange within the next four weeks.

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John Mahfood “I Listed on the JSE to Raise Capital for My Business”

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JSE Online Trading Platform

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Grace Stockholders To Vote On 3-for-1 Stock Split Today

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Shareholders of GraceKennedy Limited will this morning meet to consider and, if thought fit, approve a recommendation for a three-for-one stock split.

If approved, shareholders will receive three stocks for each one that is currently held.

According to group CEO Don Wehby, the stock units with a market price of J$115.00 per stock unit prior to the split will now increase threefold with an initial price of J$38.33 per stock unit

He says the stock split would allow GK’s stock to be made available to more investors while further enhancing the market for the shares.

Ahead of this morning’s Extraordinary General Meeting, GK last week issued 59,360 additional GK shares.

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UK Loses S&P Triple A Rating

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The UK has lost its top AAA credit rating from ratings agency S&P following the country’s vote to leave the EU.

S&P says the referendum result could lead to “a deterioration of the UK’s economic performance, including its large financial services sector”.

Earlier the pound plunged to a 31-year low against the dollar, and UK markets closed lower for a second day. On Friday,

Moody’s cut the UK’s credit rating outlook to negative.

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Caribbean Hotels Named In Jetsetters’ 2016 Best Of The Best

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Three Caribbean hotels have been named in US-based travel and lifestyle magazine Jetsetter’s 2016 Best of the Best awards.

The list which was published recently, highlighted the world’s 20 best hotels in categories ranging from Best Over-The-Top Luxury to Best Safari Lodge.

Included in the list were Antigua and Barbuda’s Barbuda Belle Luxury Beach Hotel, Anguilla’s Zemi Beach House Resort & Spa, and St Lucia’s BodyHoliday.

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