Express Catering Limited Celebrates Listing 8.5% US Bond IPO

• On April 17, 2024, Express Catering (ECL) celebrated the listing of its 8.5% US fixed rate senior unsecured bond at the Jamaica Stock Exchange. Through this bond offer, ECL raised US$12.2Mn, the largest bond offer by a company listed on the Junior Market. This was the first bond listing on the Junior Market for the year.
• Speaking at the listing, Dr. Marlene Street Forrest, Managing Director of the Jamaica Stock Exchange in her Welcome, congratulated the company on its achievements and its contribution to the growth of the capital market.
• “Let me congratulate ECL on the fact that out of the 515 account holders of the bond, 405 (78%) were shareholders, which speaks volume to the confidence that shareholders have placed in the company. This represents a significant measure of the company’s growth and sustainability as the company has the opportunity to tap into their shareholder base for additional funding when required,” she said.  
• She continued by stating that she was delighted that, the ratio of female to male is a little skewed towards the female with 51% female and 49% male participants in the bond offer. This she said signified a growth in female account holders and equity in investment in the market.
• According to Mr. Ian Dear, CEO of Express Catering Limited, “Tourism in Jamaica, which 98% of our customers are tourists coming through the Sangster International Airport, will continue to grow in Jamaica by all intents and purposes. The current trajectory of new hotel rooms and the interest in Jamaica as a destination bodes well for continued growth,” he said.
• He added that, “we are right now trending almost 10% above 2023 in our arrivals as a country and so we are very encouraged by what the future holds and ECL stands to benefit from that entire growth.”

(Source: JSE)