WEHBY
FIRST GLOBAL'S eagerly awaited Initial Public Offer will, in all likelihood, be deferred until 2006, says deputy chairman Don Wehby.
Although discussions are under way between First Global and the central bank to obtain approval for a proposed holding company to be listed, Wehby yesterday expressed doubts about the likelihood of getting the go-ahead before year end. Falling within GraceKennedy's financial services division, First Global was expected to have been listed in the last quarter of this year.
"Even if we get approval, based on the timing of the formation of First Global Holdings, it is unlikely that a structure would be in place before the end of the year," said Wehby.
According to Wehby, both First Global Bank and First Global Financial Services, which will be encompassed in the new holding company, have been "performing above target and having an exceptional year this year."
Since the start of 2005, the Jamaica Stock Exchange has seen the listing of Mayberry Investments, and the start of the listing process for Supreme Ventures.
