Latest News

JP seeks to take a 25% stake in KWL Published: 23 January 2012

Kingston Wharves Limited (KW) and Jamaica Producers Group Limited (JP) have announced that JP has tendered a proposal to the Board of KW pursuant to which JP offers to subscribe for 357,550,000 ordinary shares of KW at a price of $5.00 per share. The total amount of the proposed equity investment by JP in KW is therefore $1,787,750,000 and the investment would result in JP holding 25% of the issued shares of KW. A term of the proposed transaction is that the Articles of Incorporation of KW be amended to allow minority shareholders holding 21% or more of the issued shares the right to appoint three directors. The current Articles allow a 51% shareholding vote to elect all Directors.

CWJA pulls out of the Jamaican market Published: 19 January 2012

Cable & Wireless Jamaica Limited has advised that media reports that its parent company has taken a decision to pull out of Jamaica are incorrect. Cable & Wireless Jamaica Limited also uses the brand name LIME.

Mark Golding resigns from GKL Published: 12 January 2012

GraceKennedy Limited has advised that Mr. Mark Golding resigned from the Board of Directors of the company effective January 6, 2012, consequent upon his appointment as Minister of Justice.

Chairman of KWL Resigns Published: 12 January 2012

Kingston Wharves Limited (KWL) has advised that Mr. Derek Jones has resigned as Chairman of KWL effective January 3, 2012. Mr Jones continues to be a Director of the company. KWL further advised that at meeting held on January 9, 2012, Mr. Grantley Stephenson was appointed Chairman of KWL for a period of six months.

RJR reorganizes its operations to improve efficiency Published: 09 January 2012

The management of Radio Jamaica Limited on Friday, January 6, 2012, carried out a reorganisation exercise which affected thirty-one (31) employees via redundancy, early retirement, contract termination and non-renewal of contract. The reorganisation is aimed at increasing efficiencies brought about by economies of scale occasioned by the relocation of Jamaica News Network (JNN) and Reggae Entertainment Television (RETV) from their half Way Tree location to the Radio Jamaica Broadcasting House at Lyndhurst Road. Changes were also made to improve efficiencies across News, Sports, Administration, Engineering, Multimedia and Information Technologies.

KPREIT completes purchase of property Published: 30 December 2011

Kingston Properties has announced that it has completed the agreement with Henkel Jamaica Limited to purchase the properties located at 36-38 Red Hills Road for approximately US$2.4 million. The property consists of 47,865 square feet of office and warehouse space across multiple buildings and further diversifies Kingston Properties` portfolio across asset type and tenant base which includes Henkel Jamaica Limited and other strong local and international companies.

MFP to delist on Jan 6, 2012 Published: 30 December 2011

Montego Freeport Limited has made an application to be delisted from the Jamaica Stock Exchange. The application was made as the company stated that it has fulfilled its purpose of developing the Freeport Peninsula and the operational plans and objectives for the company are now at a minimum. The company will be delisted on January 6, 2012.

JTL agrees to purchase property in Kingston Published: 22 December 2011

Jamaican Teas Limited has recently completed an agreement for the purchase of a property inKingston. The company plans to develop the property into residential apartments during 2012. Completion is expected by the end of the calendar year.

SVL surrenders cambio operations Published: 20 December 2011

Supreme Ventures Limited, has announced its intention to voluntarily surrender the license to conduct cambio operations, through its subsidiary company, Supreme Ventures Financial Services Limited. The Company intends to cease trading at the end of operations on December 28, 2011.

SVFSL partners with LASF Published: 02 December 2011

Supreme Ventures Financial Services Limited (SVFSL) has signed an agreement with Lasco Financial Services Limited, for that company to take over the MoneyGram remittance operations of SVFSL. The transaction has been approved by MoneyGram International. This transaction is subject to the approval of the Bank of Jamaica. The transaction will strengthen the Balance Sheet of Supreme Ventures Limited, reduce operating costs and allow the company to focus on its core business of lottery and gaming. The SVFSL MoneyGram remittance services are offered through 88 locations, including the company`s regional retail centres, sub-agents and select Post Offices islandwide. The consideration for this deal is J$38 million and Lasco Financial expects this transaction to be accretive to earnings.