Car dealer Jetcon aims to list on junior exchange
Published:Friday | February 19, 2016 | 3:13 PM
Jetcon Cars Limited, a certified used-car dealer, will seek to list by March on the junior arm of the Jamaica Stock Exchange (JSE), two separate sources say.
It would be the first listing ever for an auto trader.
Jetcon, which is owned and operated by Andrew Jackson, sells Japanese brands of cars with particular focus on small to medium-size sedans.
"Jetcon wants to raise money to expand its facility, with particular emphasis on servicing, and take advantage of market opportunities," said one source.
The second source indicated that the broker should have submitted the documents to the JSE last Friday. It is also understood that the Financial Services Commission has already signed off on the prospectus.
When Wednesday Business contacted Jackson, he declined to confirm or deny plans to take his company public.
Jackson is a former president of the Jamaica Used Car Dealers Association and has been in business for around 25 years. His company currently sells Mazda, Nissan, Subaru, Suzuki, Toyota, Honda and Daihatsu cars.
Jetcon began operation as a trader of automotive engine treatments in 1991 and, later, with the liberalisation of vehicle imports, began trading autos. In 1995, the company became one of the first to be registered by the government as a certified auto dealer.
Its complex in Kingston features a one-stop shop for all services, including car sales, auto care and car servicing.
Jackson has a first degree in physics and electronics and further studies with an MBA. He worked in various areas of Cable & Wireless Jamaica, and NCR Jamaica, before testing his entrepreneurial skills.
Other directors of Jetcon include electrical engineer Garth McKenzie, and businessman Paul Smith.
Junior market companies currently get five years of tax breaks. However, the window for the incentive will close by the end of this month, unless the incoming Holness administration follows through on its promise to keep the tax waivers alive.