Medcorp officially listed on TTSE

PUSHING the overall market value to $75.2 billion, Medcorp Ltd is now officially listed on the TT Stock Exchange’s (TTSE) Small and Micro Enterprise (SME) index.

The listing increases the index by over $375 million, bringing the total SME index market capitalisation over $1 billion as of July 7.

This comes after a successful initial public offering (IPO) launched on May 27, which saw 350,000 ordinary shares at $48 being fully subscribed.

Medcorp is the first medical-services industry to be listed on the TTSE and the fourth listed on the SME index.

Speaking at the event, TTSE CEO Eva Mitchell said the listing provides Medcorp with a ten-year taxonomy.

This means they will pay no taxes for the first five years and pay at a 50 per cent reduction rate for the remaining five.

This will apply to both top-line and bottom-line taxes.

"The resulting tax savings will enable Medcorp to retain more profits, strengthen its retained earnings and contribute further to its capital growth and expansion."

Mitchell encouraged other SMEs to consider listing on the TTSE to enjoy the same benefits.

Medcorp chairman Dinesh Mor said the company has worked hard for the past 30 years to achieve the goal and is committed to driving growth and creating value for all its shareholders.

Reflecting on the success of the IPO, vice president of Republic Bank Ltd, which served as Medcorp’s lead investment advisor, Karen Yip Chuck, said the success was more than financial.

"An IPO is never just a financial event. It is a vote of confidence and this resounding response from investors speaks volumes.

"It signals belief, not just in your performance but in the strength of your vision, the power of your mission and the bright future that lies ahead."

Founded in 1993, Medcorp operates four medical facilities in north-west Trinidad, including its flagship facility – St Clair Medical Centre.