July 05, 2017
On June 2, 2017 Cable Bahamas Limited made history by becoming the first Bahamian company to cross-list on the Jamaican Stock Exchange (JSE), through the listing of two classes of preference shares.
Scotiabank (Bahamas) was instrumental in providing the access and analysis between Cable Bahamas Limited and their regional counterpart, Scotiabank Investments Jamaica, which in turn helped the listing to come to fruition.
The preference shares were first issued in July 2016. The listing has a total of 5,439 Series 11 – 8% fixed rate preference shares, and is valued at $14.7 million which matures June 30, 2023.
This is not just a landmark event for Cable Bahamas, but for all Bahamian entities who seek access to international financing opportunities.
Scotiabank (Bahamas) Limited was proud to play a pivotal role in this cross listing.
The bank demonstrated the ability to bring international capabilities to the forefront through their partners across the global Scotia network, including Scotiabank Investments Jamaica to support the capital raising and subsequent listing.
“The partnership that Cable Bahamas and Scotiabank Bahamas enjoys was a natural synergy as we were able to leverage our strength as a leading bank with the ability to deliver unique solutions to our client” added Greg Stuart, Head of Corporate and Commercial Banking for the Northern District.
Having been recognized by Euromoney in February as the “Best Commercial Banking Capabilities in The Bahamas”, Scotiabank highlights this as another example of their commitment to providing their expertise and international network to create customer-centric solutions for our clients.
The Cable Bahamas listing can be used as a blueprint for other local companies who are looking for alternative avenues to access capital.
For local companies seeking a regional or global presence, accessing capital abroad and listing shares outside the Bahamas is a great way to gain visibility with market participants and potential customers.
Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. We are dedicated to helping our 23 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 88,000 employees and assets of $896 billion (as at October 31, 2016), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankViews.
John Gomez, Chief Operations Officer, Cable Bahamas, Greg Stuart, Director Corporate & Commercial Banking, Scotiabank Bahamas, & Keith Beneby, Snr. Client Relationships Mgr, Scotiabank Bahamas