MASSY Holdings CEO Gervase Warner confirmed yesterday that the group is expected to list its shares on the Jamaica Stock Exchange (JSE) on January 27, 2022.
Massy posted an abbreviated statement on the JSE’s website last Friday “in accordance with the listing requirements of the Jamaica Stock Exchange.”
In the abbreviated statement, Massy describes itself as an investment management/holding company engaged in three main industry portfolios; integrated retail trade, engines and machinery and gas products in Trinidad and Tobago and the wider Caribbean region.
The declaration also presented the surnames, first names, descriptions and main professions of the directors of Massy as well as their holdings in the applicant company.
The document also provides potential Jamaican investors with Massy’s latest audited balance sheet, which indicates that the group had total assets of $13.53 billion ($2 billion) and shareholders’ equity of $6.83 billion. ($1.01 billion).
And the abbreviated statement refers to Barita Investments Ltd as Massy’s sponsoring member of the JSE.
Barita Investments Ltd is the Jamaican listed brokerage and investment company that has developed close ties with majority company First Citizens since the APO (supplemental public offering) of shares in the Jamaican company in September 2020. Subsidiary at 100% of First Citizens, First Citizens Investment Services, is now the second largest shareholder of Barita Investments. First Citizens also loaned Barita’s parent company, Cornerstone Financial Holdings Ltd, US$25 million in September 2020.
RBC Royal Bank is listed as Massy’s bankers and PWC as its auditors.
Massy will list on the JSE the 98,969,227 shares that make up its issued share capital. The company has a market capitalization of $10.49 billion ($1.55 billion) based on a stock price of $106.02 last Friday.
Massy’s largest shareholder is T&T’s social security provider Caisse Nationale d’Assurance, which owns 19,901,051 shares in the group, or exactly 20% of the company.
Among Massy’s top ten shareholders are Republic Bank Ltd, Unit Trust Corporation, Kiss Baking Company, Guardian Life of the Caribbean and the National Insurance Board of Barbados, according to the company’s 2021 annual report.
Massy chairman Robert Bermudez, who is the chancellor of the University of the West Indies, has a 3.15% stake in the group through associated shares. He holds 14,820 shares in his own name.
In an interview published in the December 22, 2021 edition of Express Business magazine, Warner said publicly listed company Massy Holdings Ltd had developed a fully diversified investment portfolio, which then totaled approximately US$90 million.
Interviewed on Dec. 17, 2021, the day Massy’s 2021 earnings were released, Warner agreed that the investment portfolio was a war chest that could be deployed for future M&A activity.
He said that when the sale of Barbados-based Massy United Insurance to Bermuda’s Coralisle Group is completed, proceeds from that sale of $90.5 million are expected to be added to the portfolio, bringing it to $180 million. .
Warner has also agreed that Massy’s US dollar investment portfolio can be leveraged (borrowed against) if the group is positioned to acquire a significant asset.
The portfolio is overseen by Massy’s chief financial officer, Ian Chinapoo, and group treasurer, Duane Hinkson, and is managed by Rachel Belgrave. Warner himself is part of the ALCO (asset-liability) committee which is responsible for overseeing the portfolio.