Financial conglo-merate JMMB Group Limited plans to increase the yield on two expiring preference shares, pending shareholder approval to extend their maturity dates. “The pricing of the Jamaica dollar preference share was designed to ensure that...
JN Financial Group Limited is offloading assets amid its third straight year of losses. The group, known as the largest mortgage lender in Jamaica, sold the bulk of JN Bank UK last September for a loss. It also struck a deal last year to sell JN...
Portland Private Equity won’t proceed with Portland Caribbean Fund III, which received over US$100 million in capital commitments last year, or about a third of the targeted funds. “It is now in the process of being terminated,” said Portland...
Port services company Cargo Handlers Limited, CHL, cited concerns over global trade tensions but remains positive about its financial outlook. Executive Chairman Mark Hart, when asked to expand on the concerns, responded with a single word: “Trump...
Bondholders of Specialty Coffee will meet with their trustee, JCSD Trustee Services Limited, today, Friday, to vote on issues surrounding the delayed bond payout by the Michael Lee-Chin controlled coffee investment company. Bondholders received...
Urban Development Corporation, UDC, is selling lands worth about $12 billion to drive the Caymanas Commercial Development project at Ferry, St Catherine. The divestment includes about 104 acres of land split into 68 lots at the Caymanas Estates...
The Government of Jamaica will be offloading its $10-billion stake in TransJamaican Highway Limited, operator of the Highway 2000 East-West toll roads, and divesting outsourcing assets held by the Port Authority of Jamaica later this year. The...
A major private player in the medical imaging space remains optimistic that the pending addition of 16 new medical imaging devices across public facilities won’t significantly impact earnings. That’s because facilities are still not meeting local...
Flow Jamaica has raised internet prepaid rates and ditched its offerings of unlimited social media, as part of its efforts to grow its share of the $60-billion internet market. “These updates are part of our commitment to delivering value and...
Hurricane Beryl cost Jamaica $32 billion and sent the economy into decline, according to the Planning Institute of Jamaica. The Jamaican economy contracted by 2.8 per cent in the July-September 2024 quarter, while the outlook for the December...
Sygnus Credit Investments Limited, SCI, aims to raise US$26 million in a new preference share offer to the market. It forms part of plans by the firm to secure as much as US$100 million in funds over the medium term. The current preference share...
Productive Business Solutions Limited, PBS, a Xerox distributor and technology service provider, saw its capital being slashed by a quarter, following accounting irregularities at its Costa Rica subsidiary. It led to job losses and management...
The Fair Trading Commission, FTC, recently conducted a preliminary assessment of credit bureaus in response to consumer concerns about incomplete reports. “We will be issuing the preliminary report for consultation early next week,” said FTC...
Investment bank Mayberry Group Limited reported improved September third-quarter 2024 results. It resulted in the company earning $145 million net profit for shareholders for the September quarter, bettering the $986-million loss reported during...
Cinema operator Palace Amusement Company has reduced screenings of Joker: Folie à Deux, a film that has underperformed locally and internationally, based on reviews. Rarely has a film, a super villain action movie set as a musical, been so...
The Financial Services Commission, FSC, will conduct a review of the stock market to see whether its rules adequately protect investors, and better align its oversight with international standards. It comes within the transition to the ‘twin peaks...
Farmers of coffee in Jamaica’s high mountains have witnessed a two-thirds dip in production from pre-pandemic levels. Jamaica produces many varieties of coffee but two mountain regions define the brew: high mountain and the Blue Mountains, the...
Johann Heaven will take over the leadership of investment holding company Proven when its founding head steps down in January. The CEO-designate of Proven Management Limited, PML, will be aiming to double earnings. PML is the management company for...
Regional energy company Sol Group has acquired renewable energy provider Content Solar for an undisclosed sum. Content is a 32-megawatt solar plant in the parish of Clarendon that was developed by American company WRB Energy and held by WRB Serra...
Satellite internet providers are now offering data for cars, boats and other personal devices as the internet of things – IoT – takes hold in Jamaica. At least two service providers will allow customers to use their devices outside the home, while...
Natural gas supplier New Fortress Energy, NFE, is facing a class-action lawsuit over allegations that investors were misled by utterances regarding the company’s growth prospects. The lawsuit comes amid a three-quarter decline in the value of the...
Edgar Munn, a coffee buyer from the family that built Mavis Bank Coffee Factory, MBCF, will visit Jamaica next month with the goal of securing more beans for processing and sale in the United States, the country’s second-largest coffee market. “I’...
The size of the microcredit market has grown to $46 billion, more than 15 per cent higher than a year ago, based on the loan balances of applicants, according to the Government of Jamaica in its foreign filings of its annual report to the US...
Travel and tourism interests expect a reduction in tourist arrivals in 2024 but say the flows will still outperform the pre-pandemic benchmark. The sector’s fortunes were affected by Hurricane Beryl in July and a previous travel advisory from the...
