The Gleaner Company Limited has advised that the record date for the purpose of shareholders who may attend the Extra Ordinary General Meetings of the Gleaner Company Limited to be held on Wednesday, December 30, 2015 and Thursday, January 7, 2016 has been set for the close of business on Monday, December 28, 2015.
Personal
Latest News
CPJ Announces Resignation of COO Published: 24 December 2015
Caribbean Producers Jamaica Limited (CPJ) has advised that Mr. Roger Williams, Chief Operating Officer has resigned effective December 18, 2015.
H&L to Consider Dividend Payment Published: 24 December 2015
Hardware & Lumber Limited has advised that at a meeting scheduled for Wednesday, December 30, 2015, the Board of Directors will consider the payment of an interim dividend for the year 2015.
NCBJ AGM Announcement Published: 24 December 2015
The next Annual General Meeting of National Commercial Bank Jamaica Limited will be held at the Jamaica Pegasus Hotel, 81 Knutsford Boulevard, Kingston 5 on Thursday, February 25, 2016 at 3:00 p.m.
LASF Gets Approval for DBJ Line of Credit Published: 21 December 2015
LASCO Financial Services Limited (LASF) has advised that its application for funding under the Development Bank of Jamaica`s Micro Financing Institution`s line of credit has been approved. LASF is now eligible to draw down up to $100,000,000.00 for on-lending to micro-entrepreneurs.
JMMB Advises of Resignation of Director Published: 18 December 2015
JMMB Group Limited has advised that Mr. Aubrey Garcia has resigned as a director of JMMB Investments (Trinidad and Tobago) Limited and JMMB Securities (T&T) Limited effective December 16, 2015.
Information on RJR/Gleaner Merger Published: 17 December 2015
The following is further information to help shareholders of Radio Jamaica Limited and the Gleaner Company Limited assess the financial benefits of the proposed amalgamation, especially in terms of the anticipated synergies* of which the companies have spoken. Management has presented their respective boards with plans to capture expected pre-tax synergies in the range of J$275 - J$450 Million within the first two to three years of transaction completion:
1. Cost synergies, at conservative levels, could be in the order of J$200 to 300 million per year.
2. Additional revenue synergies from joint initiatives could yield in the order of J$75M to $150M
3. Management`s aim would be to recover the one-off cost of unlocking identified synergies, through annual savings
generated therefrom.
4. Capital avoidance through eliminating duplication of spend is expected to drive further value.
5. Transaction and advisory costs are estimated: J$100-150 million. This includes advisor costs (for legal, valuation,
Fairness opinions, other advisory), stamp duty, etc.
GK to Construct Commercial Centre Published: 16 December 2015
GraceKennedy Limited (GK) has advised that almost a year after announcing the acquisition of a 48,000 square-foot parcel of land known as Lot 21, downtown Kingston from the UDC, it has started the necessary work to facilitate the establishment of the US$25M commercial centre which is to occupy the space. Located between the Jamaica Stock Exchange and 64 Harbour Street, Lot 21 will house a modern commercial centre with approximately 350 high rise parking spaces, offices and retail spaces. The building will also become the new home for the Group`s Corporate Head Office as well as GraceKennedy Money Services (GKMS), which comprises Western Union, FX Trader and Bill Express. Some 6,000 square feet of retail space will be available for rental. Designs are still being worked on, but the project in its current incarnation calls for nine floors and a 100,000 square-foot parking garage. In preparation for construction, work has begun to transform the Myrtle Bank lot adjacent to Lot 21, into a parking facility, where GraceKennedy team members will park until the completion of Lot 21. At that point, the UDC will assume responsibility for the Myrtle Bank Parking Lot.
National Commercial Bank Jamaica Limited (NCBJ) – Acquisition of 29.99% stake in Guardian Holdings Limited (GHL) Published: 02 December 2015
National Commercial Bank Jamaica Limited (NCBJ) has advised that an agreement has been reached to purchase a 29.99% stake in Guardian Holdings Limited, which will be achieved through a private sale of shares owned by the Lok Jack and Ahamad families and the International Finance Corporation (the private sector arm of the World Bank).
Jamaican Economy Expands by 1.5% in Q3 Published: 26 November 2015
Jamaican Economy Expands by 1.5% in Q3
According to the Planning Institute of Jamaica (PIOJ) the Jamaican economy expanded by 1.5% in the July to September quarter relative to the corresponding period of 2014. The Goods Producing Industry and Services Industry recorded growth of 4.4% and 0.6%, respectively. Within the Goods Producing Industry, increases in real value added for Agriculture, Forestry & Fishing (3.3%), Manufacture (9.7%) and Construction (0.8%) outweighed a decline of 1.0% recorded by the Mining & Quarrying industry. The strong performance from the Manufacturing sector was influenced by higher output from both the Food, Beverages & Tobacco and Other Manufacturing categories as well as higher production of petroleum and cement products.
All subcategories of the Services Industry recorded growth except for Producers of Government Services (down 0.2%). The industries registering the largest growth rates were Electricity & Water Supply (3.5%); Transport, Storage & Communication (1.5%); and Hotels & Restaurants (1.2%).
For January to September 2015, real GDP was estimated to have increased by 0.8%. The Goods Producing and Services Industries grew by 1.5% and 0.6%, respectively. The industries recording the largest increases in real value added during the first nine months of 2015 were Manufacture, Hotels & Restaurants, Mining & Quarrying, and Transport, Storage & Communication.
The positive economic performance, albeit weak, along with more favourable variables such as lower interest rates and a narrowing fiscal deficit are all conditions that affirm investors’ positive sentiments to the sovereign and could set the country on a path for an improvement in credit ratings overtime.