A major step forward for the local healthcare and investment sectors.
Medcorp is now officially listed on the Trinidad and Tobago Stock Exchange's SME Market, becoming the first medical services provider to do so.
The company's fully subscribed IPO has added significant value to the exchange, while setting the stage for further growth and investor confidence. Vishanna Phagoo has the details.
00:00Medcorp became the first medical services company to be listed on the Trinidad and Tobago Stock Exchange's SME list today.
00:08It joins Cinema One Ltd., Endeavor Holdings Ltd., and Eric Solis Marketing Ltd.
00:15Medcorp is now the fourth company listed on the TTSC's SME market.
00:19The company's IPO of 350,000 shares at $48 each was fully subscribed.
00:26That raised the SME index by over $375 million, bringing the total SME market capitalization to approximately $1.078 billion.
00:38This has contributed to pushing the overall market value to $75.2 billion.
00:44Today, Medcorp stands as a testament to the company's commitment to organic growth.
00:50With its listing on the SME market, Medcorp will benefit from a 10-year tax holiday, paying no taxes for the first five years, and benefiting from a 50% reduction in taxes for the following five years.
01:04Michelle says this strategic move will allow the company to reinvest profits and expand its services.
01:10This marks the first listing within the medical services industry on the TTSC.
01:15I would like to take this opportunity to encourage other SMEs to consider listing on the TTSC and to take advantage of the same benefits that Medcorp will now enjoy.
01:27Group Vice President of Republic Financial Holdings Ltd., Karen Yipchuk, called the IPO a vote of confidence in Medcorp's leadership and vision.
01:36Your contribution to the medical community in Trinidad and Tobago, and the immense value that you bring to the lives of so many.
01:47It tells us what we at the Republic Bank Group already knew.
01:53This company is one to believe in.
01:57Medcorp Deputy Chairman Dinesh Moore said a listing was a long time in the making after decades of growth and preparation.
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