Business News In Brief
- Sweet River trades up on day one
Sweet River Abattoir & Supplies Company was listed on the JSE Junior Exchange on Friday, becoming the second to join this market since the start of the year, following Knutsford Express in January.
It is the 23rd junior market listing overall in its five-year history.
Junior listings are entitled to tax breaks. At the advent of the junior market, they got ten years of tax breaks - 100 per cent waiver on corporate taxes up to year five and 50 per cent thereafter. Since January 1, 2014, the tax breaks have been reduced to five years.
The waivers will eventually be phased out.
Sweet River, a Westmoreland-based meat-processing company, secured the minimum it needed to qualify for listing on the junior market of the Jamaica Stock Exchange in an IPO which raised 65 per cent of the targeted $180 million.
The offer managed by VM Wealth Management and Money Masters Limited, was priced at $3.67 per share.
The stock closed up four cents at $3.90 on 1,000 units traded at its debut on Friday.
- Digicel launches new phone
Digicel has released a new version of its smartphone, the DL750, which comes with "funky new colours".
Its the third model of the smartphone, the others being the DL600 and DL700.
The new version offers a five-megapixel camera with high powered flash, a 4-inch touchscreen, and the latest KitKat Android operating system.
The phone went on sale last week across Digicel's markets.
- LIME to give $800,000 to Nation Builder winners
The National Commercial Bank of Jamaica says telecoms company LIME will offer $800,000 in prizes to top finishers in its annual Nation Builder Awards, which gives recognition to the banking group's SME clients.
LIME's sponsorship will include cash as well as IP business solutions, mobile devices and other services.
The big winner, the 2014 Nation Builder, will receive a LIME Virtual IP office solution valued at $200,000 along with a cash award of $100,000, said NCB.
The winner of the Innovation Award will receive three months free LIME video conferencing services valued at over US$1,000 and the Women in Business Award recipient will receive a free one-year 8MB free business Internet subscription.
- Jamaica Broilers Q1 sales up but profit down
Jamaica Broilers Group recorded a 13 per cent increase in revenue for its first quarter ending August 2.
Quarterly sales rose from $7 billion to $7.9 billion, half of which was from the Best Dressed division.
Best Dressed sales rose from $3.6 billion to $3.9 billion.
"Our Best Dressed and Hi-Pro-Ace divisions have performed as anticipated, given the market environment with the continuing depreciation of the Jamaican currency and sluggish consumer demand," the company said.
Profits attributable to stockholders amounted to $114 million in the quarter, or 9.47 cents per share, compared to $140 million or 11.68 cents per share in the 2013 quarter.