Published:Wednesday | February 6, 2019 | 6:53 AM – Jamaica Gleaner
The owners of Technological Solutions Limited, TSL, plan to float shares on the junior market of the Jamaica Stock Exchange via an initial public offering, to raise funds for expansion.
TSL Managing Director and principal shareholder Dr Andre Gordon says 20 per cent of the company will be offered to the market but would not comment on the timing of the IPO.
Technological Solutions is a two decade-old company with a team of 28 and a presence in Jamaica and other countries. Its markets include the countries of the Caribbean Community, Dominican Republic, the United Kingdom, West Africa, and the United States.
Gordon said the company’s turnover in 2018 grew by around 20 percent over 2017, which itself was a greater than 25 percent increase over 2016.
“We run quite a profitable business; we have some significant plans for growth, not just in Jamaica, and we know that this is a business which is going to continue to grow, and grow significantly, and offer good returns,” he said.
Gordon is also CEO and principal consultant of TSL Technical Services Limited, TTSL, which, along with Technological Solutions, operates from The Trade Centre in Kingston.
Before launching into business, the scientist worked with conglomerate Grace Kennedy & Company, now GraceKennedy Limited, and was credited with conceptualising the Grace Technology Centre, a technical and research and development facility, which he then managed. In 1996, Gordon led a management buyout of the operation and formed TSL. State marketing agency Jampro lists the company as the only private sector-owned organisation of its kind in the Caribbean with an ISO 17025 -certified laboratory.
Accreditation
That certification “allows the laboratory which is so accredited to be recognised in other countries,” said Gordon.
TSL describes its core operation as analytical and research laboratory services that support the agri-food, chemical, pharmaceutical, and medicinal industries.
Gordon declined to comment on his expansion budget and the funds targeted under the IPO.
“Yes, we would like to raise capital at an affordable level. We would be the only strictly science-based entity [on the market] and the only company of our kind, not just in the Caribbean, but further afield. There is no other company like us,” he said.