The takeover of Berger Paints across the Caribbean by Trinidad’s ANSA McAL Limited is now complete. Continue Reading →
Jamaica Producers Group Limited (JP) has announced that it has entered into an agreement to transfer its shares in Mavis Bank Coffee Factory Limited (Mavis Bank) to Specialty Coffee Investments Company Limited (SCI). SCI is acquiring the shares in Mavis Bank from both JP Tropical Group Limited, a subsidiary of JP, and Scotts Preserves Limited, a subsidiary of Pan Jamaican Investment Trust Limited, who each own fifty percent of the company.
At the same time, Pan Jamaican Investment Trust Limited (PJAM) has announced that its subsidiary Scotts Preserves Limited (Scotts) has entered into an agreement to transfer its shares in Mavis Bank Coffee Factory Limited (Mavis Bank) to Specialty Coffee Investments Company Limited (SCI). SCI is acquiring the shares in Mavis Bank from both Scotts and Jamaica Producers Group Limited, who each own fifty percent of the company.
In commenting on the alignment of two of the largest financial institutions in the Caribbean, both CEOs were equally optimistic. Ravi Tewari CEO of Guardian stated that the move is a very positive development and holds a great opportunity for shareholders, clients and employees; while NCB’s CEO Patrick Hylton reiterated that the merger was in line with their stated intentions to grow through mergers and acquisitions. Continue Reading →
Liberty Global To Buy Cable And Wireless Communications For US$5.3b (or about 78.04 pence per CWC share).
Cable & Wireless, which has more than six million subscribers, offers pay-television, Internet, landline phone and wireless service—the so-called “quad play”—in the Caribbean, Panama, Monaco and the Seychelles, according to its website. (WSJ)
The deal represents a multiple of 10.7 times Cable & Wireless Communications’ adjusted annual earnings before interest, depreciation, taxes and amortization, after taking into consideration cost synergies, according to a statement. (Bloomberg) Continue Reading →
Desnoes & Geddes Limited (DG) has advised that at a meeting of the Board of Directors of DG held on October 12, 2015 the following directors were unanimously appointed to the board with effect from October 12, 2015
- Messrs. Eugene Ubalijoro, Radovan Sikorsky, Andrea Vogliazzo, Stefano Cavenati, Juan Luis Barrios, Wilbert Raaijmakers and Hemmo Parson.
Immediately after the appointment of the Heineken nominated directors the following directors tendered their resignation with immediate effect
- Messrs. Jed Dryer, Renato Gonzales, Noel daCosta, Cedric Blair, Jaime Grana, Bruce Kidner and Ms. Cristina Diezhandino.
Cedric Blair who is also the CEO will remain in that capacity until further advised. Mr. Bruce Kidner is the Chief Financial Officer, and he will remain in that capacity until further advised.
Based on this JSE release it is obvious that the CEO and CFO have now been removed from the board.
The Board of Directors of Desnoes & Geddes Limited will meet on Monday October 12, 2015 when the Diageo appointed directors will tender their resignations and new directors nominated by Heineken will be appointed and subsequently proposed for re-election at the Annual General Meeting, which was originally scheduled for November 3, 2015 and will now be re-scheduled for a date to be determined by the directors at the meeting scheduled of Monday October 12, 2015.
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.
Air Jamaica - Soaring to new heights
Jamaica’s Norman Manley International Airport, based in Kingston is being divested by the government. The airport is currently going through a bidding process and a heavy-weight group of investors are one of the forerunners to run the airport. Continue Reading →
On November 18, 2014, Pan-Jamaican Investment Trust Limited (PJAM) announced the purchase of the Oceana Hotel (“Oceana”) in downtown Kingston, as well as a long term lease of the parking garage adjacent to the hotel, from the Urban Development Corporation (“UDC”) in a $400 million cash transaction. The Oceana has been purchased by a joint venture of PJAM, through its wholly-owned subsidiary Jamaica Property Company, and Downing Street Realty Partners (“Downing Street”), a Toronto-based real estate developer with whom PJAM has enjoyed a long relationship. The initial phase of the project, already commenced, will be to develop a comprehensive master plan for the site, as well as to renovate and upgrade the parking garage.
Sagicor Financial Corporation
The Sagicor Group, through it’s Sagicor X Fund subsidiary has made another real estate acquisition. Sagicor, which currently owns 3 hotel on the north coast and are in the process of developing a mega water park project, have now added a major coup to their real estate arsenal. Continue Reading →
The acquisition of First Global Financial Services Limited (FGFS) by Proven Investments Limited (Proven) is now official.
In a release to the stock exchange Proven Investments Limited (Proven) has advised that it has acquired 100% of the share capital of First Global Financial Services Limited (FGFS) on May 30, 2014. Continue Reading →
Jamaica Money Market Brokers Limited (JMMB) has advised that through its Trinidadian subsidiary JMMB Investments (Trinidad and Tobago) Limited, it has received the approval of its Regulators for the acquisition of AIC Securities Limited (a securities dealer and stock broker, headquartered in Trinidad). JMMB therefore will now seek to move to complete the transaction which, upon successful completion, will see it acquiring 100% of AIC Securities Limited, which is a member of the AIC Financial Group.
Techcrunch reports that ‘Facebook is purchasing messaging giant WhatsApp for $16 billion in cash and stock, according to a regulatory filing. The deal is being cut for $12 billion in Facebook shares, $4 billion in cash and an additional $3 billion in restricted stock units (RSUs) for employee retention.’ Continue Reading →
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