Icreate To Graduate To The Main Market Of The Jamaica Stock Exchange

• iCreate Limited announced its intention to graduate to the Main Market of the Jamaica Stock Exchange in 2023. On December 14, 2022, iCreate issued and listed 641,125,000 new additional ordinary shares on the JSE.
• In doing so, the Company has increased its subscribed participating voting share capital by $641,125,000.00 upon the conversion of debt worth of $650Mn to equity, which was completed at the conversion rate of One Jamaican Dollar ($1.00) per share.
• With the recent increase in share capital, iCreate now has a participating voting share capital issue of $765,741,070.00 which has exceeded the $500,000,000.00 threshold prescribed by JSE Junior Market Rules.
• As a result, iCreate advised its shareholders that the Company will take the necessary steps to apply for listing on the Main Market of the JSE. This move is in keeping with the Company’s vision and the overall goal of becoming a group of Companies through the numerous Merger and Acquisition (M&A) initiatives which will continue into 2023.
• A move to the Main Market of the JSE would mean that iCreate would no longer benefit from the tax benefit of being listed on the Junior Market of the JSE. Junior Market companies receive a full tax break after the first five years of listing and a 50% tax holiday in years 6 to 10. This has the potential to negatively impact the net income of the company.

(Source: JSE)