Massy Holdings to cross-list on JSE

MASSY HOLDINGS Limited plans to list on the Jamaica Stock Exchange, JSE, which would make it the second Trinidad & Tobago company seeking to benefit from increased liquidity and price discovery in this market.

Massy will join Guardian Holdings Limited, which cross-listed last week and has already nearly doubled in price to $900 per share. Its the second most expensive stock behind Palace Amusement at $907 per share.

Both Massy and Guardian trade on the Trinidad stock exchange in Port of Spain, and both have holdings in Jamaica.

Massy’s board made the decision to cross-list on May 6, but offered no details around the timing and the broker selected to arrange the transaction. Efforts to reach the company for comment via telephone were unsuccessful

“The board considered the market sophistication and growth opportunities evident in the Jamaican securities market, which has become increasingly more dynamic over the past few years,” the company said in a market filing posted to the Trinidad exchange.

“The board anticipates greater regional and international interest in the company’s shares,” it added.

Massy Holdings last traded at TT$65 per share in its home market, valuing the company at TT$6.4 billion or US$1 billion. It has 98.34 million shares in issue.

The conglomerate operates five divisions – motors and machines, gas products, financial services, integrated retail, and strategic and other investments. Its half-year earnings to March 2021 totalled TT$314 million, up from profit of TT$262.7 million in the comparative 2020 period.

Massy describes itself more as an investment holding company that will buy and sell divisions in order to unlock value, rather than a traditional conglomerate that holds divisions for the long haul.

“As an investment holding company, we assess business performance from several perspectives to gain assurance that the group’s performance targets are being met. In order to do so effectively, we assess both the portfolio and lines of Businesses’ performance within the Massy Group and across relevant industry benchmarks,” stated its 2020 annual report.

Geographically, the group operates in Trinidad and Tobago, which accounted for TT$199.2 million of half-year profits; Barbados, which contributed TT$104.5 million; Eastern Caribbean, TT$55.4 million; Guyana, TT$95.3 million; Jamaica, TT$24.8 million; and Colombia, TT$34.2 million.