Latest News

FirstCaribbean in The Process of Selecting A Chairman Published: 05 November 2013

First Caribbean International Bank Ltd. has advised that the Board is still in the process of selecting a successor for Mr. Michael Mansoor, Chairman. It anticipated that the Board will be in a position with a decision by January 31, 2014.

Carreras Appointment Published: 01 November 2013

Carreras Limited (CAR) has advised that on the resignation of Mr. Kirk N. Johnson, Miss Olivia Constantine has been appointed to temporarily support Carreras' Human Resource function.

NCB Capital Markets joins forces with Scotia and CIBC for milestone JPS listing Published: 01 November 2013

In what is being regarded as a major milestone for national development, the Jamaica Public Service Company Limited (JPS) listed its Preference Shares on the Jamaica Stock Exchange (JSE) this morning, Friday, November 1, 2013 following a four-month structuring and marketing process involving the power company and co-arrangers NCB Capital Markets Limited, Scotia Investments Jamaica Limited and CIBC First Caribbean.

The JPS 9.50 percent cumulative non-redeemable Class ‘F’ Preference Shares comprises a total of 2,455,607 units and is listed on the exchange at a price of $1,050.14 per share. Dividends are indexed to US dollars and are payable quarterly in Jamaican dollars, subject to declaration by the JPS Board.

“The listing of JPS Preference Shares on the Jamaica Stock Exchange today represents a significant milestone for JPS, our employees, our customers and Jamaica. This is a tangible extension of the partnership between JPS and our stakeholders,” said Kelly Tomblin, JPS President and CEO during her address to guests at the Listing Ceremony.

“The shares being listed today are particularly attractive, and will offer competitive returns for investors. But beyond that, the investors who purchase shares in JPS will be investing in a Company that is transforming in order to play an even more critical role in national development,” Tomblin added.

The preference shares are listed under the symbol code JPS9.5 and investors may purchase shares through a licensed broker.

“We are elated to offer these preferential shares to our clients, and we are confident that this is a lucrative investment,” said Lissant Mitchell, CEO, Scotia Investments Jamaica Limited, adding that the investment company was delighted to have been co-arranger on a deal, which he described as game-changing.

NCB Capital Markets Vice President — Investment Banking and Attorney-at-Law Dylan Coke underscored Mitchell’s point, revealing that the listing, “… represents an important step in the further development of the capital markets in Jamaica.”

“I want to commend JPS for having taken the bold route of a non-redeemable indexed pref share sold via private placement followed by a listing on the stock exchange as opposed to more traditional forms of financing,” Coke added.

“Finally, JPS is a company that touches every aspect of Jamaican life. Its performance impacts every business and household in Jamaica; so, in a real way, JPS’s success is Jamaica’s success,” Coke said.

JMMB Dividend Consideration Published: 29 October 2013

The Board of Directors of Jamaica Money Market Brokers Limited will consider an ordinary dividend payment at a meeting to be held on Monday, November 11, 2013.

Sagicor Real Estate X Fund IPO Oversubscribed Published: 25 October 2013

Sagicor Real Estate X Fund IPO was oversubscribed by $500Mn after the offer closed October 18, 2013. The IPO received 1,357 applications totalling $1.5Bn. The initial public offering (IPO) was priced at $5 a share. The funds raised will be used to develop a water park at the company’s Jewel Runaway Bay Beach & Golf Resort property and to position the company for future investment opportunities. X Fund will pay dividend to its shareholders based on its net income derived from its investment in the Sigma Real Estate portfolio.

 

Jamaica Broilers Declares Dividends Published: 25 October 2013

The Board of Directors of Jamaica Broilers Group Limited has declared an interim dividend of $0.08 per share payable on December 2, 2013 to shareholders on record as at November 5, 2013. The ex-dividend date is November 1, 2013.

Honey Bun Acquires New Property Published: 25 October 2013

Honey Bun (1982) Limited has advised that it has taken possession of the new property on Retirement Road and will now consolidate its manufacturing facilities at one location.

GK to Consider Dividend Payment Published: 18 October 2013

The Board of Directors of GraceKennedy Limited will consider the declaration of an interim dividend at a meeting to be held on Thursday, November 7, 2013.

DCove to Consider Dividend at November 4th Meeting Published: 18 October 2013

Dolphin Cove Limited has advised that the directors' meeting originally scheduled for Monday October 28, 2013, has been postponed to Monday, November 4, 2013. The board will be considering the payment of a dividend at the meeting.

H&L to Cease Participation in GK's DB Pension Plan Published: 18 October 2013

Hardware and Lumber Limited (HL) has advised of plans to cease participation in the GraceKennedy Defined Benefits (DB) pension plan, offering in its place enrolment in the GraceKennedy Defined Contribution (DC) pension plan. "This is another in a series of steps to move H&L to greater independence and in time we expect HL to have its own DC pension plan, but we need time to go through the regulatory and other processes before we can achieve that" said HL CEO, Andrea Coy. In making its decision, the HL Board was also guided by the fact that pursuant to changes in the accounting standards effective in 2013, HL had taken onto its balance sheet a significant pension liability which will be removed on the company`s exit from the DB pension plan. The entire process for withdrawal from the DB pension plan is expected to be completed by the beginning of next year.