AS Bryden & Sons Holdings Limited, celebrating its centenary in business, has announced its intention to list its shares on the Jamaica Stock Exchange (JSE) on November 10, 2023. The listing by introduction will not issue new shares or raise any capital capital, but rather existing shares tradable on the stock exchange. This decision is seen as an opportunity for stakeholders, particularly employee-shareholders, to actively participate in Bryden’s journey in the most active stock market in the Caribbean.
Chairman PB Scott and CEO Richard Pandohie view this action as a commitment to their stakeholders and a means of providing an active market for their shares. The company’s listing is sponsored by NCB Capital Markets Limited and is expected to take place in two weeks.
In June 2022, Seprod initially held a 60% stake in AS Bryden after a $7.11 billion acquisition, but later reduced its stake to 54% following the acquisition of Micon Holdings Limited valued at $2.35 billion dollars, or $541.46 per AS Bryden share.
For the financial year ended March 31, 2022, AS Bryden reported revenue of TT$1.72 billion and consolidated net profit of TT$96.62 million before deferring its financial year to December 31 after the acquisition and change of auditor at PricewaterhouseCoopers (PWC).
In the first half of 2023, the company reported revenue of TT$1.18 billion with net profit of TT$56.37 million. If profits double to TT$112.73 million, AS Bryden could price between $23.11 and $24.11 per share.
The company’s dividend policy allows distribution and payout of up to 40% of net profit in December 2022 and June 2023. Subratie, Gordon and Wynter are members of the audit committee.
As of June 2023, AS Bryden had total assets of TT$1.71 billion and equity attributable to shareholders of TT$736.92 million. The number of common shares of the company was 1,389,683,010 common shares, implying a stock split of 26.61 per 1 share unit prior to listing.
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