Chief Executive Officer (CEO) of Mayberry Investments Ltd (MIL) Gary Peart says that with the infrastructural support provided by the Jamaica Stock Exchange (JSE), and investment companies like Mayberry, hundreds more local businesses should be lining up to be listed on the local stock exchange.

“The Jamaica Stock Exchange is changing people’s lives. It is making them more wealthy and allowing them to do different things,” Peart, who is also deputy chairman of the JSE, told stakeholders and guests attending Derrimon Trading Company Ltd’s third preferential share listing ceremony on Friday morning at the JSE’s Harbour Street office.

He also took note of International Monetary Fund (IMF) staff team leader Uma Ramakrishna’s recent comment that the Jamaican economy was not growing as fast as it should.

“The right thing is that we have put most of the infrastructure in place for companies to grow, and it should result in over a thousand companies lining up to be listed on the stock exchange,” Peart said.

“What people need to understand is that even if Derrimon is doing as well as they are, we need 300 more Derrimons; because, if we had 300 companies that were worth $78 million in 2011, and they got the same incentives and have the same strategic vision and today their value is 10 times greater, do you know how many additional jobs that would mean?” he asked.

“That’s how we grow the economy. The growth of the economy is not just the purview of the government. The growth of the economy is every Jamaican’s purview. So if you have an idea, if you have a business, the infrastructure is already here. The Jamaica Stock Exchange will help you to find the capital and Mayberry will help you to find the capital and carry the idea to fruition. Let’s work together to try and change the balance,” he urged the audience.

Peart made the appeal after noting that Derrimon Trading, which made its first listing in 2011 with a value of $78 million, is now worth $1.2 billion; has increased its number of locations from three in 2011 to eight, and its shares, which were valued at $2.05 then, grew to $9.38 cents on Friday.

http://www.jamaicaobserver.com/news/mayberry-8217-s-peart-says-infrastructure-in-place-for-more-growth_131314