Cecil Foster, CEO of FosRich, the recently listed electricial parts company, is clear that he wants his staff to personally benefit from the company being on the Jamaica Stock Exchange.
“I told my staff to sell their goats and chickens and anything else that someone can steal from them, and take the money and buy the company stock. We had meetings where we explained to the staff that when FosRich is on the JSE market, you benefit in three ways. First, you get your salary because our business is growing. Second, you get to see your investment grow because we are all working harder to meet our financial targets, and last, you get dividends. When we pay out profits to our shareholders, you will also be a shareholder.”
Speaking at the recently held JSE Regional Conference at the Pegasus Hotel, Foster noted how pleased he was with the experience of going public. “When the team from Stocks & Securities Ltd (SSL) outlined all that we needed to do to get ready to offer shares of this company to investors, it was a breeze. Why? Because we had a vision to grow this company, and so we had put in tight financial systems from five years ago. We were ready to meet the regulatory, accounting and reporting standards to list. So working with SSL was easy.”
The take-up of company shares in Jamaica has a spotty history.