The Board of Directors of Montego Freeport Limited has approved a capital distribution of $0.7104 per stock unit payable on August 31, 2010 to
shareholders on record as at August 12, 2010. The X-date is August 10, 2010.
The Board of Directors of Montego Freeport Limited has approved a capital distribution of $0.7104 per stock unit payable on August 31, 2010 to
shareholders on record as at August 12, 2010. The X-date is August 10, 2010.
The Board of Directors of Carreras Limited has declared an interim dividend of $1.00 per share payable on August 19, 2010 to shareholders on record as at August 4, 2010. The X-date is July 30, 2010.
Kingston Wharves Limited has advised that its annual general meeting will be held on Wednesday, June 30, 2010, at the Jamaica Conference Centre, 14-20 Port Royal Street, Kingston - Conference Room 3 at 10:00 a.m.
Desnoes & Geddes Limited (DG) has advised that it is to undergo an organizational review of its brewery operations at the end of June. The company, which has over the past year implemented cost reduction strategies in all areas, is further reviewing its operating structure to compete effectively in today`s business environment.
Caribbean Cement Company Limited has advised that adjustment to its prices will be effective June 14, 2010 by an average increase of 3 .2%. This adjustment was necessary because the increases in its operational costs were greater than the gains the company made through its improved efficiencies. At this time the company is not in a position to absorb these costs.
Pan-Jamaican Investment Trust Limited has advised that its directors declared a second interim dividend for the year 2010 of $0 .35 per share payable on
June 25, 2010 to shareholders on record as at June 1, 2010. The X-date is May 28, 2010.
GraceKennedy Limited has advised that the company has an understanding that the former Vice President Treasury of First Global Bank (FGB), Rohan Rose who was dismissed in 2009 has gone to the media with a story that he was not a rogue trader and blaming everyone else for his transgressions.
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FirstCaribbean International Bank (Jamaica) Limited (FCIBJ) has advised that it holds approximately J$2 .3 billion (notional value) within the scope of the Jamaica Debt Exchange (JDX) programme. All of these eligible bonds were offered for exchange under the programme . These bonds accounted for less than 5% of the interest sensitive assets of the Bank and currently contribute approximately 8% to total interest income.
While it is expected that the interest income earned from these securities will be negatively affected in the near future, this is expected to offset by reductions in interest expenses going forward . Additionally, management is actively engaged in pursuing income diversification as part of its strategic objectives.
There are no anticipated liquidity challenges resulting from FCIBJ participation in the JDX programme, and the projected impact on equity is less than 1%, with the company`s key capital adequacy measures remaining above prudential requirements.
The Bank of Nova Scotia Jamaica Limited has advised that it has acquired Scotia DBG Merchant Bank Limited (SDBGMB) with the intention to eventually
consolidate SDBGMB into Scotiabank. This reorganization is aimed at improving efficiencies across Scotiabank Group through the removal of duplicate
products and services. An independent valuation of SDBGMB was conducted by Deloitte Touche Tohmatsu and this valuation was used as a basis to
determine the sale price of $879 million which was settled in cash.
GraceKennedy Limited has advised that the Supreme Court has ruled in favour of Grace Kennedy Remittance Services Limited (GKRS) and software
developer, Paul Lowe, in the suit brought against them by Paymaster Limited (Paymaster).