Enterprise information technology company Productive Business Solutions Limited (PBS) is seeking to raise US$10 million and J$150 million from the issuance of preference shares this month to finance strategic growth objectives and opportunities, including acquisitions and expansions into new territories.
Paul Scott, chairman of PBS said, “The growth of enterprise technology globally is an enduring long-term trend. The COVID-19 pandemic has significantly accelerated digital adoption and the pace of technology investments by business and governments”.
“As the largest enterprise technology company in the region, PBS is at the centre of this development. As the only technology company listed on the Main Market of the JSE, PBS offers investors an opportunity to participate in the growth of technology in the Caribbean and Central America,” he continued.
The company will issue one million perpetual cumulative redeemable preference shares in US dollars at a fixed rate of 9.25 per cent, and another 150,000 perpetual cumulative redeemable preference shares in Jamaican dollars at a fixed rate of 10.50 per cent.
A perpetual cumulative redeemable preference share is similar to an equity issuance in that there is no maturity date. Additionally, a perpetual cumulative redeemable preference share typically offers predictable dividends.
If approval is received to list on the Jamaica Stock Exchange (JSE), a preference shareholder can place an order to sell their preference shares on the stock exchange.
PBS also intends to list the preference shares on the Barbados Stock Exchange following the JSE listing.
The offer will be available for subscription from August 12 to September 9. JMMB Securities Limited is the lead arranger and broker, and Barita Investments Limited is the selling agent. Applications can be completed on JMMB Moneyline or Barita Boss.
PBS is an enterprise technology company in the Caribbean and Central America, representing over 100 leading global technology brands seeking to do business in the region, including Apple, Akamai, Cisco, Dell, Fortinet, HP, IBM, Leidos, Microsoft, NCR, Oracle, Quadient and Xerox.
In September 2021, PBS acquired PBS Technology Group Limited from Musson (Jamaica), Portland Caribbean Fund II, LP, Portland Caribbean Fund II (Barbados) LP, and Portland Fund II Co-Invest Partnership for the combination of US$5.49 million in cash and the issuance of 62 million ordinary shares.
The company operates in 19 countries, employs over 2,000 information technology professionals and generates revenue in excess of US$220 million. Furthermore, in 2021, PBS recorded the highest revenues and net profit in its twenty-year history.