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Victoria Mutual Investments Limited Raising J$689.3m at J$2.45 per share. Opens Next Monday Dec 11

VM Investments Limited has released their prospectus and they are seeking to raise J$689.3m from the sale of 300.0m Ordinary Shares at J$2.45 per share. The offer opens on December 11, 2017. Victoria Mutual Investments Limited (“VMIL”) was incorporated in 1984 and is domiciled in Jamaica. It is a wholly-owned subsidiary of The Victoria Mutual Building Society, established in 1878. VMIL is the parent company and sole owner of Victoria Mutual Wealth Management Limited (“VMWealth”).

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NCB Financial Group Limited (NCBFG) Acquires Majority Stake in Bermudan Bank

NCB Financial Group Limited announced today a transaction under which NCB will acquire a majority stake in Clarien Group Ltd, owner of Clarien Bank Ltd based on Hamilton Bermuda. NCB will acquire a 50.1% majority stake in CGL. Funds managed by the Portland Private Equity will hold 17.92% and Edmund Gibbons (once the sole shareholder) will retain 31.98%.

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Express Catering A ‘Buy’ – JMMB

Analysts at the Jamaica Money Market Brokers Group Ltd have released their analysis on the initial public offer for Express Catering Ltd. Based on their insight, they have put an overweight / buy rating on the offer. Today is the last day to sign up for what is expected to be another oversubscribed offer from Mayberry Investments Ltd.

Based on their analysis

  • They believe the shares are under-priced relative to shares currently listed on the Jamaica Stock Exchange at the offer price of $1.50.
  • They view the company positively as it is a foreign exchange income generator with an exclusive contract to provide its services in a high traffic airport.
  • Plans to expand the offerings to include the Starbucks brand, the international coffee food chain, popular in the United States and Canadian markets, should augur well for continued growth.

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Margaritaville Controlled Express Catering To Raise $491.3m. Valuing Company At J$2.5 Billion

Highlights

  • The company has concession arrangements to sell food and beverages at the Sangsters International Airport in Montego Bay with a number of reputable international and local brands
  • Raising J$491.3m from the sale of 327.5m shares at J$1.5 per share. Valuing the company at ~J$2.5b
  • Would become the 4th largest public company in the Caribbean in the Hotels, Restaurants & Leisure industry
  • Owned by the Margaritaville St. Lucia Inc.
  • Currently profitable. Earned net profits of US$1.1m in 2016 from sales of US$14.1m (compared to profits of US$590k in 2015 and sales of US$13.6m)
  • Recently launched its US$3.5m 7 year preference share to raise funds
  • Recently entered an agreement to operate the Starbucks coffee franchise. Construction to begin within 6 months

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Stationery & Office Supplies Ltd Going Public, To Raise $95m

Local family owned business, Stationery & Office Supplies Ltd is going public. The 50-year-old company, owned by the McDaniel family is a leading supplier of office furniture and related supplies. Continue Reading

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Musson Subsidiary (PBS) Launches IPO To Raise A Whopping US$41.5m

The Productive Business Solutions (a subsidiary of the Musson group of companies) has launched its initial public offer to raise US$41.5m. These are some highlights of the offer.

  • The company is incorporated in Barbados and intends to have a secondary listing on the Barbados Stock Exchange
  • The application will be open for subscription on July 5, 2017 and close on July 26, if it’s not oversubscribed on its opening date (based on what I’ve seen in IPOs)

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Main Event Now Reporting Profitable Results – Q2 2017

About 2 weeks ago Main Event Entertainment Group published their first financial results – year end results (for 12 months ended October 2016). Those results showed net profit of $56.5m for 2016 compared to $60.0m in 2015.

Now (less than 2 weeks later) they are reporting their six month results for the period up to April 2017 (of $74.9m). In those six months, they have seen a 16% increase in net profit, from to $64.4m to $74.9m (mainly driven by the Digital Signage segment, which saw revenues increasing by 32% or $13.5m). More to come.

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NCBFG Appoints ‘Bob’ Blake As Chief Opertating Officer

NCB Financial Group Limited (NCBFG) has advised of organizational changes within its subsidiary National Commercial Bank Jamaica Limited (NCBJ) that will be effective April 3, 2017. Continue Reading

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