Your Guide To Caribbean Financial Markets
Sygnus will open its initial public offer to list on the Main Market of the Jamaica Stock Exchange on May 2, 2018 and close on May 16, 2018. The company aims to raise US$10m (more if they choose to) from the sale of 90.9m shares. Subscription can be in either J$ (at J$13.72 per share) or US$ (at US$0.11 per share). More to come. Check our news page for updates.
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”).
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%.
NCB’s Head Of Retail, Audrey Tugwell Henry Resigns. To Depart Month End
NCB Financial Group Limited (NCBFG) has advised that Mrs. Audrey Tugwell Henry, Senior General Manager, Retail banking Division of National Commercial Bank Jamaica Limited, has tendered her resignation effective August 31, 2017, to pursue opportunities elsewhere.
Also
Radio Jamaica Limited (RJR) has advised that Ms. Marcha Christie has resigned from the position of Group Financial Controller of the Company, effective July 31, 2017.
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. Continue reading
Express Catering Ltd is aiming to raise J$491.3m from the sale of 327.5m shares at J$1.50 per share. The company, which is controlled by the Margaritaville Group currently has a number of concession arrangements to sell food and beverages at the Montego Bay Airport in Jamaica. The company earned net profits of US$1.1m in 2016 from sales of US$14.1m (compared to net profit of US$590k in 2015 from sales of US$13.6m). Continue reading
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
The Productive Business Solutions (a subsidiary of the Musson group of companies) has launched its initial public offer to raise US$41.5m. 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. These are some highlights of the offer. Continue reading
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. Continue reading
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. Mr. Septimus (Bob) Blake will be promoted to the position of Chief Operating Officer. Tanya Watson Francis will become the Head of Treasury & Correspondent Payment & Services and Claudette Rodriquez will lead Payment Services. Danielle Cameron Duncan will be appointed Head of Non-Branch Channels. Continue reading
Just released research from the JMMB Group has rated Derrimon Trading Ltd (DTL) as a HOLD and Jamaica Producers Ltd (JP) as a SELL.
The research states that based on their valuations, Derrimon Trading Company Limited (DTL) is likely to trade within the $4.81 to $6.62 range. Notwithstanding, the increased ownership in CFF and the strategic initiatives to improve efficiency could enhance the financial health of the company in the medium term.
For JP they state that despite the upward revision of their fair price on improved year-to-date results, they maintain that the stock continues to trade wide of its intrinsic value and advise clients to crystallize some of their gains. Investors should be mindful that the nine months profits have been heavily influenced by one-off events and as such should not expect to see a repeat of this in the 2017 financial year.
There is a lot more at the link below. Continue reading
Lasco Manufacturing is reporting a decline in Net profit for the 3rd Quarter ending December 2016 compared to the prior year (December 2015). The company’s profit for the 3 months fell from $231.7m in December 2015 to $113.2m in December 2016. Continue reading
The Main Event Entertainment Group Limited is going public. The company describes itself as one of Jamaica’s premier event management companies. The prospectus further states that the Company is an event management, digital signage and promotions company that has become known in Jamaica for its creative and innovative services, and use of ‘state-of-the-art’ new technology. Continue reading
Talk about a reaaally expedited listing. Key Insurance Company Limited will have to rush its application if it intends to list on the Jamaica Stock Exchange Junior Market, BEFORE the end of March 31, 2016. The company, which published its … Continue reading
9 year old micro loans company ISP Finance Services Ltd, which was incorporated in January 2007 and co-founded by Dennis Smith is aiming to raise J$98.0m and list itself on the Junior market of the Jamaica stock exchange. The company, … Continue reading
Mayberry has announced that it will be bringing another entity to market; a newly registered company that will be under the stewardship of ‘two industry giants namely; the Hon. William McConnell, O.J. and Mr.Evan Thwaites.’ The company will be seeking to … Continue reading
Pulse Investments Limited (PULS) will have a new CEO come January 1, 2016.
At a recent meeting of its board of directors it recently agreed Safia Cooper should be appointed Chief Executive Officer of the Company, and Kingsley Cooper will retire as Executive Chairman and continue as Chairman.
The board also agreed that Romae Gordon should be appointed a Director of the Company. All these changes become effective January 1, 2016.
The International Monetary Fund has just completed its tenth review of Jamaica’s performance on its programme and has agreed to loosen the country’s primary surplus target. The primary surplus can be defined as what is left to service debt after … Continue reading
Desnoes & Geddes Limited, makers of Jamaica’s famous Red Stripe Beer is being taken over by Heineken International as they now have a controlling stake in the company. Diageo (headquartered in London) which had a controlling stake in the company … Continue reading
Red Stripe Beer
JMMB has advised that through its Dominican Republic subsidiary, JMMB Holding Company Limited, has obtained regulatory approval for the acquisition of ninety percent (90%) of the shares of Banco Ahorro y Credito Rio (Banco Rio).
Banco Rio is a savings and loans bank, in accordance with the Financial and Monetary Law of the Dominican Republic (Ley No. 183-02: Ley Monetaria y Financiera de la Republica Dominicana). They are licenced to provide consumer loans; loans to small and medium enterprises (SMEs); commercial loans; credit lines; credit cards, cambio services; savings accounts and certificates of deposit.
“This acquisition serves as another key step in JMMB’s strategy of building out an integrated financial services business model in the Dominican Republic (DR) market. In particular, for all current and prospective JMMB and Banco Rio clients in the DR, this acquisition will pave the way for them to access an even more diversified bundle of financial solutions (through banking and investments), that will serve to achieve their financial goals and objectives at every stage of their life,” states JMMB in its report.
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