Apr 2016 Financial News

Sterling Investments Ltd to list on US$ market April 1

Apr 01, 2016

Sterling Investments Limited (SIL) is slated to cross-list on the US dollar market of the Jamaica Stock Exchange (JSE) on April 1.

The listing price per share for Sterling on the US dollar market is US$0.11

On March 11th the company was officially listed on the US dollar board of the JSE.

SIL is the second company to have listings on both the Jamaican dollar and US dollar boards on the stock exchange in Jamaica. The other is Proven Ltd.

SIL first listed its ordinary shares on the Jamaican Stock Exchange in October 2014. This was a listing by introduction. The stock traded at J$12.78 per unit on Wednesday, March 30.

As previously indicated by the JSE, when cross-listing, there is one security and one ISIN (international securities identification number); and the security is listed on both the main market and the US dollar equities market; however, the short code and the name of the security are reported differently in each market on the trading system.

Additionally, the client’s account reflects the number of units owned in the security, and traders may buy and sell the units on either the US dollar equities market or the main market.

Client statements report the value of the security in both Jamaican dollars and US dollars.

The JSE said that, at listing, the opening price is determined based on the current exchange rate. The JSE indicates that cross-listing takes the form of a listing by introduction.

In a release on the planned ceremony, Sterling said investors in the company are attracted to “access to offshore investments with tax-free dividends, active asset management and diversification. They have been accustomed to earning dividends in US dollars, and now with the US dollar listing they will be able to buy and sell their shares in US dollars by merely instructing their respective brokers”.

The company said it primarily invests in “high-quality, liquid US dollar fixed-income securities in the global capital markets and invests a small percentage of its capital in select private equity projects”.

The most recent financials, dated December 31, 2015, show a net profit of J$71.2m, an increase of 21.5 per cent over the previous year when $58.63 million was earned.

Source:
BY AVIA COLLINDER
collindera@jamaicaobserver.com
Business reporter
Jamaica Observer
Friday April 1, 2016

http://www.jamaicaobserver.com/business/Sterling-Investments-Ltd-to-list-on-US--market-April-1_56252