Dennise Williams, Staff Reporter
CHIN
LASCELLES CHIN, chairman of the Lasco Group of Companies says that within the next 18 months, his company will be listing on the Jamaica Stock Exchange.
The group consists of Lasco Foods Limited, Lasco Distributors Limited, Lasco Foods (Successors) Limited, Lasco Financial Service and Lasco Barbados Limited.
Already the paper work has begun and Mr. Chin, on Wednesday, informed the Financial Gleaner that he is looking forward to the process of taking the company public.
As to the reasons for listing, Mr. Chin stated, "We have several young and dynamic managers who want a piece of the company. Additionally, we believe we can benefit from the wide recognition of the Lasco brand name."
DIVISIONAL PROFIT AND LOSS
To facilitate the eventual listing, Mr. Chin revealed, "In anticipation of the change from private to public company, we have reorganised our corporate structure. We have seven group managers who are in charge of their divisional profit and loss position. And there is a general manager who each group manager reports to. Further, we intend to increase the business in Jamaica and increase our export business."
Mr. Chin did not disclose what the specific strategy he planned to increase business but hinted at the introduction of new products.
He did state, "We are entering very exciting times and when we go public, our shareholders will benefit tremendously from the groundwork we are doing now."
Regarding the decade-long lawsuit for participation in Lasco ownership by his former wife, Audrey Chin, Mr. Chin stated that the outcome of the lawsuit would not have an impact on the listing plans of the company. He said, "We would not have begun the paperwork to list if the lawsuit would have an impact."
ECONOMIC SITUATION
Looking forward, Mr. Chin stated that in Jamaica's current economic situation, "Lasco will have to be very efficient in terms of our cost structure to remain competitive in Jamaica and globally. And we pass these efficiencies on to our customers. In our food line, our prices are 10 to 15 per cent lower than our nearest competitors. Our tag line is "We make Living Affordable" and this is not just empty talk."
According to company archives, in 1988, Lascelles Chin founded Lasco, initially to package skimmed milk powder. The company has grown from a packager and distributor of a single product to a vast corporate entity which provides hundreds of pharmaceutical, food, household and personal care products to Jamaica, the Caribbean, Latin America, North America and England.
The company employs approximately 450 persons.
