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Productive Business Solutions Limited (PBS) – Transactions in Costa Rica and Guatemala Published: 23 April 2018

Productive Business Solutions Limited (PBS) has provided the following details of the transaction closed successfully in their subsidiary in Costa Rica in early 2018 and Guatemala in December 2017 and January 2018:

Costa Rica

  1. APM Terminals which is the biggest sea port operator worldwide, was contracted by the Costa Rican government to build and operate for 33 years a new container terminal at Moín, Costa Rica, which is programmed to start operations on January 2019. The port is to be built over an artificial island on the Costa Rican   Atlantic Ocean which has been built by APM as well.
  2. Once operational, Moín will be the largest port of Costa Rica and Central America having an impact on the Costa Rican economy. Moín will also be the first terminal to have non-intrusive technology, allowing it to comply with the  requests of Costa Rican largest trading partner, the United States.
  3. On May 2016 APM Terminals published an international bid, inviting the main representatives of non-intrusive safety equipment brands to participate in the process.    This bid was created as a consequence of APM’s obligation to install non-intrusive equipment in its new terminal for the detection of threats and contaminations of  merchandise. The referred bid is the first of three phases, thru which APM Terminals will  acquire 3-5 additional scanning equipment.
  4. PBS participates thru its local subsidiary, Productive Business Solutions (Costa Rica), S.A. in this tender along with 5 other suppliers. The product offered by PBS in this bid is L-3 brand equipment, manufactured by L-3 Communications. PBS was awarded with this deal on January 2017.
  5. The bid submitted by PBS consists of one portal scanner model CX-Portal, from the L-3 portfolio, along with equipment installation, training of the corresponding personnel and maintenance services. PBS must design and construct the necessary civil work, so to allow proper installation. PBS will also train operators, and render maintenance services for a period of 10 years. During such term, PBS should provide 24/7 support with certified engineers, sufficient inventory for spare parts, integrate the installed equipment  with other government institutions’ systems so to allow sharing of scanned images,  among others.
  6. The deal represents a total revenue for PBS of $2.3MM for the equipment’s sale and installation and $1.1MM for the maintenance services to be provided over a period of 10  years.

Guatemala

  1. The main Guatemalan International Airport issued two public bids on October 2017, to acquire the necessary safety and protection equipment for their regular operations.
  2. This equipment was necessary for the airport to keep the International Certification provided by ICAO.
  3. The bids were awarded to the local subsidiary, PBS Guatemala, on November 2017. PBS offered L3 Security and Detection equipment, its installation, operators training, set up and configuration of all the units.
  4. PBS offered 4 Provision 2 Body Scanners and 13 Protocol 6500 Metal Detector Arches for one of the tenders and 9 ACX 6.4MV Object Scanners for the second tender.
  5. The two tenders combined are valued in USD$2 Million and were successfully delivered on time by December 2017 allowing the airport to retain the ICAO certification.”
 
 

Supreme Ventures Limited (SVL) – Renegotiation of Lottery Technology Provider Agreement Published: 29 March 2018

Supreme Ventures Limited (SVL) has advised that the Company has successfully renegotiated its agreement with its Lottery Technology Provider.  SVL states that the new agreement has eliminated the foreign exchange exposure which was embedded in the agreement since 2001, “hence the Company will no longer be impacted by the devaluation of the Jamaican dollar relative to the United States dollar, relevant to this Agreement”.

PanJam Announces Acquisition of Minority Stake in Term Finance (Jamaica) Limited Published: 29 March 2018

PanJam Investment Limited (PanJam) announced today that it acquired a 20 per cent stake in Term Finance (Jamaica) Limited (Term Finance), the Jamaican subsidiary of Term Finance Holdings Limited, a regional micro-lending business. Term Finance was established in Jamaica in September 2017, with the aim of introducing a new, ethical, and completely web-based approach to Jamaica’s microcredit industry. The new online lender officially went live at 9:00 AM on November 13, 2017 and four hours later, successfully disbursed its first loan. The quick processing time is representative of Term Finance’s efficient model.

Supreme Ventures Limited (SVL) – Renegotiation of Lottery Technology Provider Agreement Published: 29 March 2018

Supreme Ventures Limited (SVL) has advised that the Company has successfully renegotiated its agreement with its Lottery Technology Provider.  SVL states that the new agreement has eliminated the foreign exchange exposure which was embedded in the agreement since 2001, “hence the Company will no longer be impacted by the devaluation of the Jamaican dollar relative to the United States dollar, relevant to this Agreement”.

KLE Group Limited (KLE) – Resignation & Appointment to Audit Committee Published: 29 March 2018

KLE Group Limited (KLE) has advised that Mr. Leary Mullings resigned as a member of KLE’s Audit Committee on Friday, March 23, 2018. KLE’s states that Mr. Mullings resignation is due to his firm’s Crichton Mullings & Associates appointment as auditors for Fran Jam Limited, a subsidiary of KLE Group Limited.

KLE further states that Mr. Mullings’ resignation is not related to any disagreement in respect of accounting principles or practices, financial statement disclosure or any material issue impacting on the Audit Committee or his ability to properly carry out the functions delegated by the Board.

KLE’s Board of Directors at its board meeting on March 27, 2018, appointed Mr. Barrington Daley as a non-executive of KLE’s Audit Committee.

Dr. Clarke Resigns from Seprod's Board Published: 27 March 2018

SEP has advised that Dr. Nigel Clarke has resigned from the Board of Directors of SEP, its subsidiaries and sub-committees including the Audit Committee effective March 27, 2018.

 

SEP further advised that the resignation of Dr. Clarke was not in relation to any disagreement in respect of accounting principles or practices, financial statement disclosure or any other material issue impacting the Audit Committee or the members’ ability to properly carry out the functions delegated by the Board.

Sagicor Bank - Senior Management Changes Published: 20 March 2018

Sagicor Bank Jamaica Limited has advised of the following changes in Bank’s senior management team:

  • Sabrina Cooper: Transferred from Vice President – Retail Banking to Vice President – Payments, effective October 1, 2017
  • Michael Willacy: Transferred from Vice President – Corporate & Commercial Banking to Vice President – Corporate Retail & SME Banking, effective October 1, 2017
  • Vinnate Hall: Retired on March 1, 2018
  • Charmaine Leckie: Promoted to Assistant Vice President – Group Internal Audit, effective March 1, 2018
 
 

Carib Cement Disclosure Published: 20 March 2018

Caribbean Cement Company Limited (CCC) has advised that “on March 16, 2018 it signed a memorandum of understanding, as amended, modified, supplemented, restated and/or enhanced from time to time (“MOU”), with its holding company Trinidad Cement Limited (“TCL”) agreeing to the essential terms with respect to, mainly, the (i) termination of an operating lease agreement originally dated July 2, 2010, as amended, modified, supplemented, restated and/or enhanced from time to time (the “Lease Agreement”), signed by TCL as lessor and CCCL as Lessee and the corresponding purchase by CCCL of the assets object of the Lease agreement for approximately USD$118 million to be paid to TCL (the “Asser Acquisition”); (ii) redemption of an aggregate number of 52 million preference shares issued by CCCL to TCL in 2010 and 2013, for approximately USD$40.5 million to be paid over a nine-year period starting in 2018 and sourced from at least 1/3 (one third) of CCL’s profits available for distribution from the previous year (the “Redemption”); and (iii) financing options to fund the Asset Acquisition and the Redemption.

“The closing of the above transactions is subject to the satisfaction of certain conditions, including approval from TCL and CCL’s corporate bodies, securing financing options by CCL, the absence of occurrence or potential occurrence of any material tax and/or accounting effects if the above transactions are executed, among others. The definitive agreements in relation to the foregoing transactions are expected to be executed by TCL and CCCL within 90 days from the date of signing the MOU.”

138SL Appoints New Director Published: 20 March 2018

138 Student Living Jamaica Limited (138SL) has advised that at their Board Meeting on March 14, 2018, the Board of Directors approved the appointment of Mrs. Donnette Scartlett as a director of the company, effective March 15, 2018. 138 SL further advised that Mrs. Scarlett was also appointed a member of the Concession and Audit and Compliance Committees.