© Reuters.
A.S. Bryden & Sons Holdings Limited, celebrating its centennial year in business, has announced plans 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 capital but rather make existing shares publicly tradable. This move is perceived as an opportunity for stakeholders, especially employee-shareholders, to actively participate in Bryden’s journey on the Caribbean’s busiest stock market.
Chairman P.B. Scott and CEO Richard Pandohie view this action as a commitment to their stakeholders and a way to provide 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 owned a 60% stake in A.S. 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 or $541.46 per A.S. Bryden share.
For the financial year ending March 31, 2022, A.S. Bryden reported revenue of TT$1.72 billion and a consolidated net profit of TT$96.62 million before changing its financial year to December 31 post-acquisition and switching auditors to PricewaterhouseCoopers (PWC).
In the first half of 2023, the company reported a revenue of TT$1.18 billion with a net profit of TT$56.37 million. If earnings double to TT$112.73 million, A.S Bryden could list between $23.11 – $24.11 per share.
The company’s dividend policy allows for up to 40% of net profit to be distributed and paid dividends in December 2022 and June 2023. Subratie, Gordon, and Wynter serve as members of the audit committee.
As of June 2023, A.S Bryden had total assets of TT$1.71 billion with equity attributable to shareholders at TT$736.92 million. The company’s ordinary share count was 1,389,683,010 ordinary shares, implying a stock split of 26.61 to 1 share unit prior to listing.
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