tTech Ltd Gains Increased Visibility
This is the continuation of our series which takes a look at the close to 30 listed under the Junior Stock Exchange (JSE). Who are they, and is this a viable option for the small enterprise sector in Jamaica? Read on and let us have your feedback at: firstname.lastname@example.org.
tTech is the first and foremost company providing outsourced Information Technology (IT) solutions to businesses in Jamaica.
A relative newcomer to the junior market, the company enlisted on January 7 of this year. Founder and CEO of tTech Edward Alexander said the company decided to list for two primary reasons.
"Listing would allow the company to access capital that could be utilised to further develop its services, particularly in the area of IT Security for which the demand is increasing," he said. "Listing provided an opportunity for all employees to own shares in the company, which was a goal from inception, as we believe that employees are more engaged when they have a stake in the company where they work." Alexander noted increased visibility and awareness of the company and its services since enlisting.
[There has been] Increased confidence in the company from prospective customers because publicly listed companies have higher standards for corporate governance than most private companies," he said.
Alexander also pointed to increased loyalty, effort and interest in the company's performance from employees as they all bought shares during its initial public offering.
HIGHER STOCK PRICE
"Since listing, tTech's stock price has increased significantly. We listed at $2.50 and on April 6, the stock traded price at $4.30, an increase of 72 per cent," said Alexander. He noted that having only listed in January, they have not submitted any accounts since listing.
He said he could not speak openly about the company's performance at this time other than to say that since listing, the company has seen increased interest from the market in tTech's services, and the team is confident that the company will continue to grow and realise the benefits that they envisaged.
"Since the minister of finance recently announced that the original benefits provided to companies listed on the junior market will be restored, we intend to remain on the junior market while the benefits are available, i.e., for 10 years," said Alexander.
After that, we would consider listing on the main market as there are options available to companies listed on the main market which are not available on the junior market, for example, being able to list preference shares. However, it is too early to make such a decision at this time."
The directors of tTech are: U. Philip Alexander - chairman (non-executive director); Edward Alexander - chief executive officer; G. Christopher Reckord - secretary; Gregory Henry (non-executive director); Hugh Allen - connectivity and voice solutions manager; Norman Chen - technical services director; and Thomas Chin (non-executive director).