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VM Investments Limited

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Elite Diagnostics Ltd

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GWest Corporation Ltd

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Wisynco Group Ltd

Wisynco Group Limited (the Company) is a limited liability company, incorporated and domiciled in Jamaica. The parent company is Wisynco Group (Caribbean) Limited, a Barbados International Business Company. The ultimate controlling party of the Company is Evesam Investments Holdings Limited, a company incorporated in the Cayman Islands. The registered office of the Company is located at White Marl, St Catherine.

The principal activities of the Company are the bottling and distribution of water and beverages, the manufacturing of a wide range of plastic and foam packaging and disposable products for use in industry, tourism and for the retail trade, the distribution and retailing of food items.

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FosRich Company Ltd

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Productive Business Solutions Ltd

Productive Business Solutions Ltd is a subsidiary of the Musson group of companies and they launched their initial public offer  in June 2017 to raise US$41.5m. The offer was successful and they were listed on the Jamaica stock exchange in September 2017

The Business and what they do

  • The company distributes printing, computing, networking, storage, imaging, security and point of sale equipment products and provides document management, graphic communication, software integration, outsourcing and more to clients across the region
    • They have exclusive distribution rights for Xerox in 14 countries, making it the largest distributor of Xerox in the region. They also maintain distributional relationships with other brands including Cisco, Oracle, HP etc.
    • In 2017 they got a (non-exclusive) contract to distribute Xerox to Colombia, a country with a population of over 49 million people. The GDP of Columbia is similar to the GDP of the other 14 countries in which they already distribute combined.
    • They were also granted exclusive rights to distribute in Suriname.
  • The Company’s ultimate parent company is Musson (Jamaica) Limited, which is a company incorporated and domiciled in Jamaica, and the Company’s controlling parties are Musson and Paul B. Scott.

How They Make Money

The Company segregates its revenues in two main categories: Equipment Sales and Recurring Sales.

  • Equipment Sales include both hardware and software, and the primary brands are Xerox, Oracle, Cisco, L3, NCR, and HP.
  • Recurring Sales is further subdivided into two categories, paper and supplies and maintenance and servicing.
    • Paper and Supplies include the sale of parts for the equipment, rental/leases of equipment, phone/ID/access cards, while
    • Maintenance and Servicing include maintenance and maintenance contracts for the equipment, printing of statements, and other services as described in the below table.

The company is well diversified both in terms of where it makes its money (countries) and what products contributes (product line). Here was the breakdown by country and product line at the time of the IPO. 


Company Background

PBS was originally founded in 2001 as a division of Musson to acquire the business and assets of Xerox Corporation in Jamaica. Through a joint venture between Musson and Seprod Limited (“Seprod”), PBS expanded to the Dominican Republic, Aruba and Curacao in 2004 through the acquisition of subsidiaries of Xerox Corporation in those countries. These companies were renamed PBS Dominicana, PBS Aruba and PBS Curacao respectively, upon acquisition by PBS.

The company’s background continues with a similar string of acquisitions.

In 2006 Facey Commodity Company Limited (“Facey”), a then 50% associate company of Musson, acquired 51% of Grupo Difoto, the exclusive distributor of Xerox products in Guatemala, El Salvador, Costa Rica and Panama and a distributor for NCR and Sony Medical imaging in Guatemala. In 2006, Facey also acquired Springer Clarke Business Machines Ltd., owner of Barbados Business Machines Limited (“BBM”), a technology distributor in Barbados that represented Xerox among other brands.

The Company has a subsidiary in Jamaica, PBS Jamaica, along with several other subsidiaries in Central America and the Caribbean. The Company has not itself established a place of business in Jamaica.

Read about the IPO hereFull prospectus here (PDF)

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Stationery & Office Supplies Ltd

The Company opened its doors on July 23rd, 1965; beginning its fifty (50) year journey under the guidance of Mr. Richard Hing, Mr. George Hew and Mr. David McDaniel. In 1970, the Company became wholly owned by the McDaniel family when all of the issued ordinary shares of the Company were acquired by Mr. David McDaniel and Mrs. Marjorie McDaniel.

As at July 2017, the Company operated out of a 35,000 square feet warehouse, office and showroom on 21-25 Beechwood Avenue in Kingston. The Head Office currently employs eighty-three (83) team members and also serves as the home base for eleven (11) delivery vehicles, including trucks, which support quick and efficient service delivery to its customers which is one of the Company’s many hallmarks.

As the Company’s customer base grew, the Company saw it prudent to expand its physical presence within the island and in 2010 opened its Montego Bay location in the new Fairview Office Complex. The 3,000 square feet location houses 1,200 square feet of office and showroom space and a 1,800 square foot warehousing facility supported by a staff complement of sixteen (16). The Montego Bay team serves customers on the western side of the island, making deliveries from Trelawny to Westmoreland. The Company has expanded from its core business of office supplies and stationery items to include modular office furniture, partitions, metal products, chairs, cabinets and shelving.

The company carries leading international brands in office furniture – Fursys and Boss – for which they are the sole local distributors. In 2011, the Company capitalized on the demand for lower priced items of comparable quality, by introducing the first of two (2) proprietary brands, the first being the “Image” brand and shortly thereafter in 2012, the Company introduced its second brand “Torch”. The Company prides itself in offering excellent after sales service to its customers.

The Company boasts a credit customer base of over 3,180, in addition to thousands of cash customers, highlighting SOS’ significant market presence within the stationery, office supplies and modular furniture industry in the island.


Commercial Shredding

During the last six (6) years, the Company added commercial shredding to its suite of services offered to the general public. The service has become popular among entities which have large volumes of waste paper and other sensitive material that stores data, but are concerned about improper disposal methods.


Their Initial Public Offer

In order to

  • provide working capital support to its operations;
  • and in order to allow the Company to increase its stock levels and thereby increase its turnover,
  • to liquidate some of its debt obligations and
  • acquire an adjoining property to its location in Kingston at 34 Collins Green Avenue for additional warehousing space,
  • in July 2017 the Company opened an offer seeking to raise approximately $95,048,200 by inviting subscriptions for up to 50,024,100 Shares from the general public and the Reserved Share Applicants.

After the IPO the general public will own 11% of the business, the reserved applicants 9%, with the remaining 80% being controlled by the founders and family members.

Property Acquisition

At the time of its IPO, the Company recently negotiated the purchase of 34 Collins Avenue, which is a property (with a usable building located thereon) that abuts and is contiguous to its offices at Beechwood Avenue. The Company estimates that the acquisition of this property will allow it to initially increase its warehousing space by approximately 10,000 square feet and then scale up to approximately 20,000 square feet of warehousing space effectively increasing its occupiable space in Kingston by approximately fifty-seven per cent (57%). This increased warehousing space will allow the Company to increase its stock levels and the turnover of its stock with a resultant increase in revenue.


Company Performance

According to the prospectus, the company has consistently increased its revenues over the five year period FY 2012-2016. During this timeframe, the Company’s revenue from core operations grew by a compound average annual growth rate (CAGR) of 10.48%, culminating with the Company generating all-time high revenues of J$702.07M in FY 2016. Revenue earned in FY 2016 was 12.05% higher than J$626.58M for FY 2015.

The company says the steady improvement in their revenues have been attributable to organic expansion driven by the achievement of deeper penetration in the market for the Company’s products and services. The Company has expanded its product offerings, adding to the list of brands it distributes and venturing into manufacturing its own brands of furniture – Image and Torch.

Read about the offer here. Full prospectus here (PDF)

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Express Catering Ltd

Express Catering Limited is a Jamaican company that was formed in 2001 to carry on food and beverage operations at the Sangster International Airport in Montego Bay (“Sangster Airport”). Over the years, the Company has grown to be the exclusive provider of food and beverage operations at the Sangster Airport inclusive of the following branded restaurants and concessions:

  • Quiznos Subs and Salads, Dairy Queen, Nathans Famous Hot Dogs, Domino’s Pizza, Auntie Anne’s Pretzels, Wendy’s, Cinnabon, Moe’s South Western Grill, Island Deli, Viva Fresh Market Grab & Go, Cricket Sports Bar, Connections Bar, Air Margaritaville Arrivals Bar, Jamaican Bobsled Café, Groovy Grouper, and The Bar

The Company is completely focused on maintaining a high standard in its food and beverage facilities and also, to ensuring that its food and beverage offerings remain relevant to consumer demands in the marketplace. The Company currently employs over 270 persons on a continuing basis with additional persons brought on during peak seasons.

The Company is a 100% owned subsidiary of the Group, owners and operators of the Jimmy Buffett’s Margaritaville franchise throughout the Caribbean. The Group, through its various subsidiaries and partnerships, owns and operates a diverse portfolio of restaurant and nightclub concepts in Jamaica, the Cayman Islands, the Turks and Caicos Islands and most recently, St. Thomas in the US Virgin Islands.

Margaritaville Caribbean, the holding company of the Group, owns and operates a diverse portfolio of companies and its strategic plan involves the development of the Group’s restaurants and attractions in these and other locations in the Caribbean utilizing innovative and efficient approaches, and product consistency.

The Group’s growth strategy has been predominantly focused on developing the Jimmy Buffett’s Margaritaville brand in its various locations. Over the last 5 years however, the Group has broadened its strategy and is currently aiming to provide multi-branded food, beverage and entertainment requirements for major transportation hubs.

Both its recognizable brands and their strategic placement throughout the airport have assisted the Company to increase average customer spend from approximately US$5.95 in 2012 to over US$7.30 per passenger currently.

Read about the initial public offer here

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