Maroc - NEWSDAY.CO.TT - A la Une - 10/Sep 08:06

Solis goes live on Trinidad and Tobago Stock Exchange

WEEKS after releasing its initial public offering (IPO), commercial print solutions company Eric Solis Marketing Ltd went live on the TT Stock Exchange (TTSE) on September 9. It became only the third business listed on the TTSE’s SME market, introduced in 2012, following CinemaOne Ltd in 2018 and Endeavour Holdings Ltd in 2019. “Today marks a significant achievement not only for Eric Solis Marketing Ltd but also for the continued growth of our SME market,” TTSE market operations manager Jase Torry told a small gathering at a ceremony at the TTSE’s offices in Nicholas Towers, Port of Spain, on the day of the launch. “With an initial public offering (IPO) of 2,750,000 shares, Eric Solis Marketing Ltd is now part of a distinguished group of companies that have realised the value of equity financing as a driver for growth and expansion,” Torry said, adding that the TTSE hopes the IPO will strengthen Solis’s market position and serve as inspire other SMEs. “The TTSE continues to recognise the invaluable role SMEs play in promoting economic growth and development. “We continue to encourage other businesses to explore the possibilities (offered by) equity financing as a viable and sustainable option for growth and development. “This is a proud moment for the TTSE as we continue our mission to support the growth of SMEs to contribute (to the) overall economic development in TT.” The IPO was opened on July 16 and closed on August 9. It was oversubscribed, attracting about 150 first-time investors on the TTSE, many of whom work at Solis and its parent company Office Authority. Torry acknowledged NCB’s role as underwriter and lead broker in facilitating the IPO. NCB Merchant Bank TT head of investments Ishan Gosine said the company worked seamlessly with the other brokers and clients to launch the IPO. “I just want to congratulate Solis on such a big (and) successful step. I think it’s a really nice blueprint for the country and for the capital markets, because we have been talking about it for a few years now, but the fiscal incentives are now in place, which I know the Stock Exchange would have lobbied (for). “And it’s really a nice time to get a listing and create momentum to get more (SMEs) listed and invigorate the capital markets.” He said the timely IPO launch was in keeping with NCB’s digital agenda. “We really want to make investing accessible to everyone, and now TTSE does that with TOP (online trading platform),” Gosine said. The TTSE established the SME market to develop the local capital market and promote economic diversification. The tier allows small and medium-sized companies, with guidance, an opportunity to raise capital on the stock market, providing an alternative financing source for capital expansion. Potential SMEs can benefit from a full tax holiday for the first five years from listing on the TTSE, exempting them from corporation tax, business levy and Green Fund levy, and access to equity financing. Additionally, brands may benefit from increased visibility, an enhanced reputation, and business transparency. They can raise capital and further funds through additional public offerings. The post Solis goes live on Trinidad and Tobago Stock Exchange appeared first on Trinidad and Tobago Newsday.