The Board of Directors of LASCO Financial Services Limited (LFSL) is pleased to present the company’s audited consolidated statements for the year ended 31 March 2018.

The Initial Public Offering (IPO) for Elite Diagnostics Limited opens on Monday, February 5, 2018 and features the following details:

• 70,680,000 Shares for Subscription
• Priced at J$2.00 per share
• Invitation closes February 12, 2018

The Elite Diagnostics Prospectus can be viewed here.

The Jamaica Stock Exchange (JSE) and the Jamaica Central Securities Depository Limited (JCSD) are leading an initiative to bring Jamaica in line with many of the major markets across the world with regards to the settlement period for financial products traded on the Jamaican securities markets.

Currently, when you buy or sell securities, the transactions are typically settled three (3) days after the completion of the trade. This is referred to as a T+3 settlement period. On December 11, 2017, Jamaica will be changing to a T+2 settlement period. This means that trades will be settled 2 days after the completion of the trade and not 3 days as currently exists. 

The new settlement cycle represents a faster and more efficient means for settling trades. Please click here for more information.

The NCB Financial Group Limited (NCBFG), the holding company for the National Commercial Bank Jamaica Limited (NCBJ) and its subsidiaries, has launched a 105 million USD denominated bond targeting Accredited Investors in accordance with the Financial Services Commission’s Guidelines for Exempt Distribution. The bond, arranged by NCB Capital Markets (NCBCM), has a coupon of 7% with a tenure of five years.

The fundraise, which is for general corporate purposes, comes at a time when the USD money market is fairly liquid and investors are in search of lucrative instruments.

“NCBFG is building its financial arsenal to pursue various investment opportunities both in the local and regional markets,” said President and Group Chief Executive Officer Patrick Hylton.

NCBFG was listed on the Jamaica Stock Exchange on March 16, 2017 after shareholders of NCBFG and NCBJ approved a Scheme of Arrangement under which NCBJ shareholders at the time gave up their shares for shares in NCBFG. The Group, Jamaica’s largest financial conglomerate, with assets totalling $665 billion, remains committed to finding inorganic growth opportunities through a robust regional expansion strategy. This is evidenced by its 29.99% stake in the Guardian Holdings Limited, acquired in May 2016. The NCB Group has operations in Trinidad & Tobago, Barbados and the Cayman Islands. In addition to core banking, the Group lists wealth management services as well as both life and general insurance among its business lines.

“With this expansion comes the opportunity to diversify our revenue streams; it is our intention to continue maximising on our regional interests through a combination of strategic investments, joint ventures, mergers and acquisitions that will stimulate further business growth,” added Mr Hylton, who at the same time praised the company’s employees for the work they have put in to ensure the success and viability of the Group.

The Group recorded net profit of $14.7 billion for the nine months ended June 2017, an increase of 48% over the corresponding period last year.  This follows a strong performance in the 2016 financial year during which net profit increased 17% relative to the $14.4 billion recorded in September 2015. As at June 2017, NCBFG has shareholders’ equity of $111.7 billion. NCBFG stock price closed at $88.66 at the end of trading day on October 4, up 77.32% since the start of the calendar year; this translates to a market capitalisation of $218.7 billion.  

Lasco Distributors Limited (LASD) has advised that the Judge has fixed November 3, 2017, as the day for the delivery of Judgment in the assessment of Damages in the matter of Pfizer v Medimpex and LASD.

In an effort to improve our service delivery it is important to get your views on your recent experience with our Investment Banking unit. NCB Capital Markets Ltd is committed to bringing you the best service experience and we ask that you oblige us with this exercise.

You have been provided with your password details to complete your individual survey which can be accessed below;

Thank you for choosing NCBCM for your financing solution!

Sagicor Real Estate X Fund Limited (XFUND) has advised that their Board of Directors at its meeting held July 21, 2017, approved a resolution to declare an interim dividend of Fourteen Cents ($0.14) per share, payable on September 5, 2017, to shareholders on record as at August 18, 2017.

The ex-dividend date is August 16, 2017.

Knutsford Express Services Limited (KEX) has advised that at the Board of Directors’ meeting held on July 25, 2017, it was declared that an interim dividend of 6.8 cents per share as the final dividend for the year ended May 31, 2017, will be paid on September 15, 2017, to shareholders registered at the close of business on September 1, 2017.

The ex-dividend date is August 30, 2017.

Sterling Investments Limited (SIL) has advised that a Directors’ meeting will be held on July 24, 2017, at which the payment of an interim dividend will be considered.

In accordance with the Banking Services Act- Code of Conduct, 2016 and in compliance with generally acceptable complaint management standards, NCB has established a centralised complaints handling team and implemented an Enterprise Complaint Management System (CMS) and framework to facilitate the logging, tracking and management of all complaints received across the Group.

This policy document applies to all complaints received from customers irrespective of the channel used to register the complaint.

The Group’s Complaint Management Framework is intended to:

1. Provide a framework to guide employees in handling customer complaints

2. Ensure consistency within the NCB Group in handling and resolving complaints

3. Ensure that staff members are aware of their responsibilities and are empowered to manage complaints

4. Ensure adherence to regulatory requirements

The full procedure document can be view here - Complaints Management - Standard Operating Procedures