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Proven Investments cross-lists shares on the same exchange

Published:Saturday | May 30, 2015 | 10:45 AM

Proven Investments Limited, the pioneer stock on the Jamaica Stock Exchange’s US Dollar Market, has chalked up another first.

On Thursday, Proven cross-listed its full block of ordinary shares, 551,595,777 units, on the JSE’s Jamaican dollar market trading under the symbol ProvenJA. It followed a third rights issue by the company, which priced the stock at the USD equivalent of $18.50. The cross-listing was effected at that price.

The stock remains listed on the JSE’s USD index where it currently trades at US$0.21 per share. That price translated to $24.38 per share in Jamaican currency at Friday’s exchange rate. Put another way, Proven Investment’s market value at the close of trading on Friday was the equivalent of $13 billion on the USD Market, but only $10 billion on the Jamaican dollar market.

Prior to Proven’s dual listing on the JSE, a cross-listing was underpinned by geography or more precisely listings on separate exchanges – for example, Trinidadian cement stock TCL trades in its home market and on the JSE’s main index.

The ProvenJA listing was brokered by subsidiary company Proven Wealth Limited, with participation from NCB Capital Markets Limited, Sagicor Investments Jamaica Limited and Scotia Investments Jamaica Limited.

“The JSE is happy to facilitate the cross-listing of the company as this allows investors in Proven’s stocks to choose the market in which they wish to participate at any given time,” said JSE general manager Marlene Street Forrest in a statement issued by Proven.

Proven Investments now has three stocks listed on the JSE – PROVEN on the USD index; ProvenJA on the main index; and PROVEN 8% preference shares.

“Our aim is to continue to align ourselves with entities that are pushing the boundaries of history and to encourage other market players to further their company’s success through listing,” said Proven Wealth CEO Chorvelle Johnson.