GENAC Set to Graduate to the JSE’s Main Market

• General Accident Insurance Company Jamaica Limited has successfully applied for the graduation of its listed ordinary shares to the Main Market of the Jamaica Stock Exchange (JSE).
• Effective September 27, 2023, the Company’s issued securities that are listed on the Junior Market platform of the JSE will be listed on the Main Market of the JSE and will continue to trade on that platform.
• Since being listed on the Junior Market over ten years ago, the Company has grown its gross written premium almost seven-fold. In addition to its market leadership in Jamaica, the Company has established a regional presence in Barbados and Trinidad. The Directors of General Accident believe the successful application reflects its growth, increasing scope and ability to comply with the applicable governance standards for companies listed on the Main Market.
• The Company’s shares were listed on the Junior Market on September 21, 2011. Consequently, under the Income Tax Act, the Company benefitted from a full exemption from income tax on its profits for the first five years, and a 50% exemption from income tax for the following five years, which ended on September 21, 2021. Therefore, its effective corporate income tax rate will not be adversely impacted by the graduation.
• This means that the company may now be able to return to the market to raise more capital to take advantage of more investment opportunities, without being restricted by the current $500Mn share capital rule that is imposed on junior market stocks.

(Source:  JSE)