Your Guide To Caribbean Financial Markets
Construction firm Kier will take a £73m hit in its full-year results after taking the decision to close its Hong Kong and Caribbean businesses, it revealed late June 2017.
The firm is set to close its Caribbean business following the agreement of a final account with an unnamed client on what Kier called “a challenging project”, which is expected to complete “within the next three months”.
In total, the closure of the Caribbean business will have cost Kier £79m, including £23m last year and £56m this year.
Kier said that the moves to close the businesses fit into a wider programme of “portfolio simplification” that it has undertaken since the middle of 2015. This has resulted in it concentrating more on its regional building, infrastructure and housing projects.
Source: Telegraph
GraceKennedy Limited (GK) advised on October 16, 2015 that after its initial announcement in May of this year regarding the planned divestment of its shares in subsidiary, Hardware & Lumber, and follow up announcement in June, that it had entered into a conditional agreement for the sale of the shares with Greystone Equity Partners Inc., or nominee, GK has advised that the main conditions of the transaction have now been met and the transaction will therefore be proceeding to closing. The sale is anticipated to be completed by the end of the year.
Supreme Ventures Limited (SVL) announced on October 16, 2015, its planned roll-out of a new technology platform, IFLEX, for its sports betting operations. The significant investment is being implemented in conjunction with SVL’s technology partner for sports betting – INTRALOT. Implementation date is slated for October 20, 2015.
This will include a huge jump in betting options and leagues, combined with live betting throughout events. SVL further advised that the IFLEX betting platform project is worth over US$1,000,000 and will see investment in a state-of-the art, innovative, robust and high performance betting solution that meets the growing demands of the international gaming industry.
The Board of Directors of Desnoes and Geddes Limited (DG) has advised that DG has sold its 5% shareholding in Brasserie Nationale d`Haiti (“BNH”) and its 10% shareholding in Windward & Leeward, St Lucia (“W&L”). Both shareholdings were sold to Heineken (“HKN”) on December 19, 2013 for a total value of J$982,486,000.00 (US$9.26 million).
A recent release from publicly listed Cargo Handlers Limited (CHL) stated that their Board of Directors at a meeting held on November 28, 2013 passed a resolution to invest in a company called the Bulk Liquid Carrier Petroleum Limited. The company transports petroleum products across the island and CHL advised that this investment is expected to add J$150 million dollars in revenue.
Cargo Handlers Limited (CHL) also released its audited financial statements for the year ended September 30, 2013.
Inundated with calls from all over about whether Jamaicans could participate and support their own Jamaican sister, Tessanne Chin, Digicel quickly sprang into action, rolled up its sleeves and flexed its muscle to see what it could do to help … Continue reading
TVJ Announces Rights To The Voice - Live on TVJ
Talk about big business! Fish Pot restaurant, a wholly owned subsidiary of Rainforest Seafoods, has rented property in the heart of Half-Way Tree formerly known as Skateland for its second seafood-oriented quick-service eatery. Continue Reading
Yes it’s true. Foreign investors are checking out the possibility of importing coconut water from Guyana into the United States as part of what could be a new energy drink. Continue Reading
While it is being described as a small deal, I’m sure Caribbean Cement Company (CCC) is happy that they have finally landed a deal to supply Venezuela with 200,000 tonnes of clinker over the next 12 months. Continue Reading
Imax Theatre Photo by Thomas Hawk
Hopefully soon, there will be more Imax theatres in the Caribbean! And yes, that’s great news! Not to knock our beloved cinemas which already exist in our various Caribbean territories, but, now, we can definitely look forward to an undeniably high quality movie-watching experience. All this information was disclosed at a recent forum held at the University of the West Indies, Arthur Lok Jack Graduate School of Business (Lok Jack GSB) on July 25, 2013. Continue Reading
On Wednesday, Wisynco Foods Limited, the franchise holder for Domino’s in Jamaica, opened its 12th pizza store and first for downtown Kingston.
The store, which employs 15, is being used as testing ground for a new concept referred to as ‘Pizza Theatre’, which allows customers a cinematic view of the food preparation process. Continue Reading
AP Capital Partners, a United States-based private equity firm, has named Victoria Mutual Wealth Management Limited as arranger for a deal to raise US$7.5 million from Jamaican investors.
The funds will be used to invest in the expansion of New Futuro, a private business headquartered in Chicago, which operates a social networking website targeting young people in the Hispanic community in the United States.
BCW Capital is collaborating with VM Wealth to raise the funds
Wigton Windfarm Limited’s (WWFL), a wholly-owned subsidiary of Petroleum Corporation of Jamaica, plans to start expanding this year. WWFL projects that it will generate additional energy of 63 gigawatt-hours (GWh) per year from an extra capacity of 24 megawatts (MW) by 2015.
That would increase its existing capacity of 38.7 MW by 62 per cent.
Investors, householders, businesses, consumers and everybody else will be waiting with bated breath to finally hear the details of the 2013-2014 budget as Minister of Finance Dr. Peter Phillips, releases it today April 18, 2013 in parliament.
Sports tourism is big business! Photo by WayneMiller
All you other wanna be sports destinations take heed!
Trinidad is pushing ahead, with plans and taking action (way past talk) to increase its arrivals from sports tourism. They have already splashed out significant sums, and are courting possible visitors. Continue Reading
The Trinidad Government on March 15, 2013 finalised a TT$1.8 billion loan agreement with China’s Exim Bank for construction of the Couva Children’s Hospital, as well as six sporting facilties acrosss the country. Continue Reading
The Urban Development Corporation of T&T (Udecott), in full-page advertisements published this week, is inviting expressions of interest in the leasing of office and retail spaces in the Campus Plaza Parkade located at the corner of Edward, Queen and Richmond Streets. At present only the Parkade, which opened in September 2007, is in operation. It is the largest multi-storey parking facility in the country, offering 800 spaces at hourly and daily rates.
The Jamaica Public Service Company (JPS) is reporting that the construction of its ninth hydro-electric plant which will add 6.3 megawatt (MW) of electricity, and create 145 new Jamaican jobs is on target and within the US$33 million budgeted for the project.
The New Maggotty Hydroelectric Power Plant in St Elizabeth has a projected completion date of November 2013.
33% Increase in Q1 2013 Profits. Acquires Roberts
Julian Rodney, Salada’s general manager says Africa has a lot of potential, and surprisingly they have no presence there. Continue Reading
We have to lower the amount of imported raw material we use in our products. But cassava in beer? That may just be pushing it a little too far, dont? Well…
Red Stripe Jamaica and Jamaica Producers Group (JPG) are partnering on a project to explore the financial feasibility of local cassava as input for brewing beer.
The partnership seeks to leverage JPG’s agricultural expertise.
The company already farms cassava and other crops as raw material for its snack operation, but the feasibility study to be undertaken by the companies will determine whether cassava can be grown in the quantities and quality required for beer-making.
Red Stripe aims to replace 30 per cent of imported inputs with cheaper, locally grown cassava.
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