Cari-Med considers going public Loop Jamaica

Black Immigrant Daily News

Distributor Cari-Med Group Limited may soon be listed on the Jamaica Stock Exchange (JSE). The company has retained NCB Capital Markets and law firm MH&CO., as professional advisors as it contemplates an Initial Public Offering (IPO).

The IPO is among other financial options being considered as it continues its expansion and growth plans.

Though steering clear of making any pronouncements on what the possible funds raised would be used for by the company, Chairman of Cari-Med, Dr Glen Christian told Loop News that the principals of the company are exploring several “thoughts” amid the continued consolidation plans.

“We are not there yet. We don’t have a timeline or amount [that they would be looking to raise],” Christian, who is also Cari-Med’s Group CEO, said.

“We are growing and expanding,” he said noting the new 258,000-square-foot distribution facility built on lands along Salt Pond Road in Bernard Lodge, St Catherine.

Cari-Med has already begun operating out of the new facility for which ground was broken in October 2019, under a more than $6 billion investment.

With the first phase of the facility complete, Christian said “phase two will come into place because our growth will require it.”

The facility will house the warehouses and administrative offices of the entity’s Consumer Goods Division.

“We invest for growth and when you consolidate you get efficiency,” he said.

The company is also mindful “…of the fact that any IPO and listing on the JSE would be subject to the approval, or non-objection of, the relevant regulators,” it said in a media release.

Cari-Med is a leading pharmaceutical distributor in the Caribbean as well as one of the pre-eminent distributors in the fast-moving consumer goods sector.

NewsAmericasNow.com