GraceKennedy has announced that effective today, GraceKennedy Money Services (GKMS) will be expanding operations into the Turks and Caicos Islands through GraceKennedy Money Services Turks & Caicos Limited (“GKMS Turks & Caicos”). GKMS is a member of the GraceKennedy Group and authorized agent of Western Union.

With this new market, GraceKennedy through GKMS, now serves as Western Union’s agent in eleven countries across the Caribbean, including Jamaica, Trinidad & Tobago, Guyana, St. Vincent and the Grenadines, St. Kitts and Nevis, Antigua and Barbuda, Anguilla, Montserrat, the British Virgin Islands and the most recent addition, the Cayman Islands in November 2015.

According to GraceKennedy Group CEO, Don Wehby, “As we mark our 25th year of representing Western Union in the region, we are pleased to offer Western Union services in the Turks & Caicos Islands. This expansion is aligned with GraceKennedy’s strategic vision of becoming a Global Consumer Group delivering long term consumer and shareholder value, through brand building and innovative solutions in food and financial services, provided by highly skilled and motivated people. With two and a half decades of expertise in the money services industry, we look forward to meeting the needs of customers in the Turks & Caicos Islands.” Mr Wehby is also Chairman of GraceKennedy Money Services Caribbean, SRL.

According to Michelle Allen, Chief Executive Officer of GKMS, “We are excited to offer customers in the Turks and Caicos Islands Western Union services. We are committed to providing our customers throughout the region with reliable, convenient and innovative money transfer solutions.” She continued, “We will also continue our investment in robust compliance systems, which are critical to our business, allowing us to protect our customers while meeting all regulatory requirements.”

The Gleaner Company (GLNR) has advised that The Gleaner Company (GLNR) & Radio Jamaica Limited have applied for the court’s sanction of the scheme of arrangement for amalgamation and that the matter is set down for hearing on February 17, 2016.

Jamaican Teas Limited (JAMT) has advised that the Board at a meeting to be held on Monday, February 8, 2016 will discuss:

1. Approval of a  stock split of Shares in JAMT;
2. Approval of a second tranche of stock options for directors  and;
3. Approval for a renounce able  rights issue for Shareholders of JAMT 

Lasco Distributors Limited (LASD) has advised that Mr. Anthony Chang has resigned from the Board of Directors effective February 1, 2016.

Margaritaville (Turks) Limited (MTL) has advised that the Board of Directors declared an interim dividend US$.0103 per share unit, payable on March 16, 2016 to shareholders on record as at February 22, 2016. The ex-dividend date is February 18, 2016.

National Commercial Bank Jamaica Limited (NCBJ) has advised that Mr. Garfield Palmer, Manager of the Duke Street Branch, was promoted to the role of Assistant General Manager effective February 1, 2016. 

In addition, Ms. Gabrielle Banbury-Kelly will join the organisation as an Assistant General Manager assigned to the Group Managing Director’s Office effective February 15 2016.

Kingston Properties Limited (KPREIT) has advised that at a meeting scheduled to be held on Tuesday, February 9, 2016 the Board of Directors will consider a dividend payment to its shareholders.

The Board of Directors of Hardware & Lumber Limited (“H&L”) advised that it received on January 29 2016 a takeover bid circular containing an offer from Argyle Industries Inc., (“Argyle”) to all ordinary stockholders of H&L (other than Argyle) to purchase all their H&L stock units at a price of J$18.50 per stock unit (“the Offer”).

The takeover bid circular advised that the price per stock unit in the Offer is the same price per stock unit as that at which Argyle purchased 47,077,304 ordinary stock units in H&L from GraceKennedy Limited (“GK”) on December 30, 2015.

The Offer opens on February 1, 2016 and closes at 4:30 pm on March 4, 2016.

The Offer has been made by Argyle as a result of the mandatory offer requirement of the Jamaica Stock Exchange and the Securities (Take-overs and Mergers) Regulations, which was triggered after Argyle acquired Grace’s 58.23% stockholding in H&L, thereby becoming the majority stockholder of H&L.

At the request of the Board, the Audit Committee of the Board will take lead responsibility in reviewing the Offer. The Audit Committee has agreed that a special subcommittee of the Audit Committee to be comprised of directors unconnected to Argyle or to any other significant shareholder of H&L will be appointed. This sub-committee will have a mandate to propose for adoption a recommendation as to acceptance or rejection of the Offer for inclusion in a directors’ circular to be issued by the Board containing all relevant information required for the benefit of H&L’s stockholders, in compliance with all regulatory requirements.

Caribbean Producers (Jamaica) Limited (CPJ) has advised that at a meeting to be held on Monday, February 8, 2016 the Board of Directors will consider the payment of a dividend.

Jamaica Public Service Company Limited (JPS) has advised that the Board of Directors at its meeting scheduled to be held on February 3, 2016, will be asked to consider declaration of quarterly dividends for the quarter ending December 28, 2015 to shareholders on record as at February 12, 2016 of the Class F Cumulative Non-Redeemable Shares.