Wed | Sep 20, 2017

Almost $1B traded on JSE in seven days

Published:Wednesday | December 23, 2015 | 12:00 AM

Four junior listed companies, led by Honey Bun Limited, executed block trades on the Jamaica Stock Exchange (JSE) totalling just under $1 billion within the last seven days.

These transactions separately represented more than 10 per cent of the value of each company and thus signalled moves by major shareholders.

The transactions include 55 million units of Honey Bun, worth $331 million, or nearly 60 per cent of the 94.2 million units; 58.9 million units of 138 Student Living's 414.5 million shares, worth $265 million; 20.4 million units of Knutsford Express, or about 20 per cent of total shares, worth some $220 million; and 40 million units, or 14.5 per cent, of Derrimon's total shares worth some $152 million.

The JSE continues to experience a bull run hitting record levels.

Chef executive officer of Honey Bun, Michelle Chong, said the company's ownership remains the same despite the recent transfer of shares from holdings of individual family members to a company owned by the family.

"The shares remain with the Chong family, majority owners and founders of the 33-year-old Jamaican bakery. They have been transferred from the six members of the family who originally held the shares to a holding company owned by them," the company said in response to Wednesday Business queries.

"As we continue to grow, we find it prudent to add even greater stability by establishing a firm footing for the future," she said.

Honey Bun made $69.9 million in net profit on revenues of $886 million for its September 2015 year end, or about three times more than the $22 million earned a year earlier. The company, which holds equity of some $367 million, continues to be led by the Chong family.

The 10 largest individual direct shareholders up to September 2015 include Herbert Chong at 37.5 million, Michelle Chong, also 37.5 million, Mayberry Investments 3.49 million, Mayberry West Indies Bank Limited 2.82 million, Daniel Chong & Dustin Chong 2.0 million, Krystal Chong & Dylan Chong 1.89 million, Bamboo Group 1.89 million, Apex Pharmacy 711,449, Sushil Jain 460,318 and Paul Moses & Joan Moses 400,000.

On Tuesday, listed company Proven indicated that it would sell its 20 per cent stake in Knutsford Express Ltd. Derrimon Trading indicated that a connected party sold shares, but did not name the buyer.

steven.jackson@gleanerjm.com