CEO of iCreate, Tyrone Wilson, says the company’s move to the Main Market of the Jamaica Stock Exchange is expected to be finalised by the end of February.

Speaking on Taking Stock with Kalilah Reynolds, Wilson said the iCreate team is in dialogue with the JSE and is making preparations to complete the migration.

“We’re working on the application, putting together the necessary board resolutions and so forth to move that process along and we think we’ll be there within the month of February,” he said. 

iCreate listed on the Junior Market in 2019. As an incentive for listing, Junior Market companies receive a 10-year tax break from the Government; five years of no taxes and five years of reduced taxes. However, junior market companies cannot have more than $500 million in capital.

Last year, iCreate shareholders agreed to convert debt totalling $650 million to equity at $1 per share. This means iCreate has surpassed the Junior market threshold. 

“We have exceeded the maximum amount of capital we can raise on the Junior Market and as a result, the almost automatic thing to do is to move to the main Market,” Wilson said.

He explained that even if the company were to stay on the Junior Market, it would no longer benefit from the tax incentives. 

Aggressive mergers and acquisitions push

iCreate’s Main Market move comes amid an aggressive mergers and acquisition push.

The company recently signed a sales agreement to acquire marketing company, Ideas Execution. 

Wilson said that once the deal, which is still subject to shareholder and regulatory approval, is finalised, iCreate will own 100% of Ideas Execution.

He explained that Ideas Execution is responsible for the overall branding and marketing of major brands such as Wray and Nephew and Campari.

“Ideas Execution is a solid company and it fits in the overall brand of the iCreate Group of Companies,” Wilson said.

He revealed that it earns over $250 million in revenues annually. 

“So, it is a very good business, one that is growing, and it has good contracts from major blue chip brands. And these are long-term contracts,” he added.

Wilson said he expects the deal to purchase Ideas Execution to close by the end of the first quarter.

This is the latest in a series of acquisitions by iCreate. Last year, the company also acquired a 100% stake in Visual Vibe, an outdoor advertising company. According to Wilson, that transaction is about 99% complete and is awaiting final regulatory approval.

The iCreate boss noted that the acquisition of these two companies will see the advertising segment of the company’s business becoming its main sector. Wilson said the move is a part of their push to become a rounded digital media company. 

iCreate also acquired payment solutions company, GetPaid, last year. 

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