CEO of Sagicor Investments, Kevin Donaldson, says he wants to see a Jamaica where everybody owns stocks.
This, as Sagicor’s Select Funds listed on the Jamaica Stock Exchange today, following the second largest Initial Public Officering, IPO, in the country’s history.
Our Business and Finance Editor, Kalilah Reynolds, has more.
Fresh on the heels of the historic Wigton IPO, Sagicor Select Funds has now raised $4 billion from some 20,000 Jamaican investors.
They’re using the money to invest in companies on the JSE’s financial index, which includes twenty three banks and financial institutions – many of the nation’s most profitable companies.
Opening at just $1 a share, CEO of Sagicor Investments, Kevin Donaldson, has taken the cue from Prime Minister Andrew Holness, saying their aim is to “democratize wealth”.
Mr. Donaldson says there’s more to come from Sagicor Investments.
He says they plan to launch a public education campaign next month, to help potential investors understand the stock market.
Meanwhile, Mr. Donaldson is apologizing to investors, who’ve had to wait three weeks since the IPO closed, before today’s listing.