The Jamaica Stock Exchange (JSE) suspended trading in the shares of two Junior Market companies, Kintyre Holdings Ltd, and Atlantic Hardware & Plumbing Company Ltd, effective July 1, after both companies failed to submit audited financial statements for the year ended December 2025, more than three months after the March 31 filing deadline.
The exchange said in a market notice that companies whose audited financial statements are 90 days overdue shall have trading in their shares suspended until the reports are submitted to the exchange.
The suspension bars investors from buying or selling shares in either company on the JSE until the audited statements are filed.
Kintyre Holdings’ Chairman, President and CEO Tyrone Wilson said the company expects to resolve the issue by “Wednesday”, July 8, while Atlantic Hardware’s Managing Director Deanall Barnes said its board and management remain committed to completing the audit process and resuming trading as soon as possible.
Kintyre’s explanation
Wilson told the Financial Gleaner the delay stems from a series of acquisitions, joint ventures and other corporate deals completed in 2025 that expanded the company’s operations, requiring additional audit review, independent valuations, and supporting documentation to ensure the transactions are properly reflected in the financial statements and meet accounting and regulatory standards.
“We have been working closely with our external auditors and professional advisers throughout this process and the requested information has now been substantially provided,” said Wilson.
Kintyre Holdings’ most recent unaudited financials, posted to the JSE for its March first quarter, showed profit of $531.3 million compared to $8.4 million, largely the result of the revaluation of assets. Its unaudited full-year results showed profit of $157.5 million, compared to $87.7 million a year earlier.
In October 2024, iCreate Ltd changed its name to Kintyre. The exchange previously suspended iCreate in 2023 and 2024 for overdue financials.
Atlantic Hardware’s explanation
Atlantic filed its first delay notice with the JSE on April 1, followed by further delay notices on April 30 and June 4.
In its most recent notice, signed by Company Secretary Lisa Kong, Atlantic said the delay was primarily the result of a change of external auditors during the 2025 financial year. The company said it expected to submit and post its audited financial statements and annual report to the JSE website by June 30, adding that it remained “resolute in ensuring its compliance and adherence to the requirements of the rules of the JSE Junior Market”.
Thereafter, in a media release Wednesday, Barnes said the company acknowledged the suspension. He explained that the company was acquired just over two years ago from its founding family, who had operated it as a private business for three decades using a small local audit firm, and that new ownership has since professionalised the business with a new management team, ERP system, strengthened controls, a new location, and a successful JSE Junior Market listing.
“As part of that transition process, the company appointed a global Big Four firm as auditor for the Financial Year 2025. A first-year audit with a new, larger global firm following this scale of change naturally takes longer, and that is the reason for the delay,” Barnes said.
Atlantic’s most recent unaudited first-quarter financials show profit of $74.3 million, compared to $24.4 million a year earlier. That builds on momentum from its unaudited December year-end results, which netted profit of $119.2 million, up from $90.5 million in 2024.
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