Fontana Pharmacy confirms IPO plans
Published:Tuesday | November 27, 2018 | 12:00 AM
Fontana Pharmacy confirmed today that it is working towards an initial public offering of shares with the help of its broker Scotia Investments Limited.
Ray Therrien, Fontana’s chief operating officer said that “while we’re working towards an IPO, I’m not currently at liberty to discuss the timing, offer size or pricing. We will reveal those details when our attorneys advise that it’s appropriate to do so and that we have all aspects in place.”
The company, which celebrates its 50th anniversary this year, is the leading pharmacy chain in Jamaica with five stores across the island.
A sixth is planned for Waterloo Square at the intersection of Waterloo Road and West Kings House Road, St. Andrew.
Fontana Waterloo Square is scheduled for completion in the second to third quarter of 2019 and is on track to be the biggest and best one of its outlet.
According to information posted on its website, the first Fontana Pharmacy was opened on November 30, 1968 at the Manchester Shopping Centre in Mandeville by Bobby and Angela Chang.
Fontana is now run by the second generation of the Chang family and their spouses.
The operators now have additional branches at East Kings House Road, St. Andrew; Fairview Shopping Centre in Montego Bay, Eight Rivers Town Centre in Ocho Rios and Beckford Plaza in Savanna-la-Mar, Westmoreland.
The company acquired the former Azmart location in 2013 in Barbican Square, St. Andrew and rebranded it Fontana Pharmacy.
The pharmacy stocks a wide range of healthcare items, housewares, beauty products, toys, and everyday items. It also offers online shopping at Fontanapharmacy.com, one of Jamaica's most advanced e-commerce sites.