Latest News

GK Executive Appointments Published: 11 April 2014

GraceKennedy Limited (GK) has announced the appointment of Mrs. Grace Burnett to the position of CEO, Insurance, GK Financial Group Division and the appointment of Mr. Ryan Mack to the position of Deputy CEO of GK Foods Division. Both appointments become effective on April 1, 2014.

Investors to Swap Shares in Sagicor Published: 01 April 2014

The Sagicor Group (SJ), the holding company for Sagicor Life Jamaica (SLJ) and all its subsidiaries, received approval from shareholders to exchange ordinary shares in Sagicor Investments for ordinary shares in Sagicor Group (SG). This follows the move late last year to replace shares of SLJ with SG shares on the stock exchange, which is all a part of the thrust to improve capital management and align the Group’s organisational structure with the requirements of the new omnibus legislation for deposit taking institutions. Of note, larger fi nancial groups such as Scotia have already gone through this reorganization process.

This swap will result in shareholders of Sagicor Investments receiving 1.8 units of Group shares for each Sagicor Investments’ shares owned. On Friday, the share price of Sagicor InvestmentsLimited closed at $17.10 while the Group shares closed at $9.36. This means that investors who purchased shares of the investment subsidiary at the current market price and subsequently entered into the swap would have earned a lower value of $16.85 for every unit of shares swapped. Relative to the start of the year when shares of Sagicor Investment’s traded at $16.53, investors who bought the stock at that market price would post an immediate gain upon the execution of the swap.

Once the process of the swap is completed, Sagicor Investments will be delisted from the JSE and the newly issued Sagicor Group shares listed by introduction on the Stock Exchange shortly thereafter.

JMMB Acquisition of AIC Securities Ltd Published: 25 March 2014

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.

JPS Preference Shares Declares Dividend Published: 14 March 2014

The Board of Directors of Jamaica Public Service Company Limited has declared quarterly preference share dividends payable on April 1, 2014 to shareholders on record as at March 14, 2014 as follows:

  • Jamaica Public Service Company Limited 5% C - $0.025
  • Jamaica Public Service Company Limited 5% D - $0.025
  • Jamaica Public Service Company Limited 6% E - $0.030
  • Jamaica Public Service Company Limited 7% B - $0.035

The ex-dividend date is March 12, 2014.

Red Stripe Management Changes Published: 10 March 2014

Managing Director of Red Stripe Mr. Cedric Blair has announced that Monique Malcolm, Head of Consumer Planning, WestLAC has been appointed acting Head of Marketing, Red Stripe. Ms. Malcolm will retain her Head of Consumer Planning, WersrLAC responsibilities and the Consumer Planning team will continue to report
to her. Also, Mr. Blair announced that Ali MacLennan, Acting Head of HR for Red Stripe, has accepted an exciting new role effective April 2014 as the HR Business Partner to the Diageo Global Procurement team based in the UK. With the departure of Ms. MacLennan, Ms. Malverine Hemmings will be returning to DG as Head of HR effective March 2014. Over the past year Ms. Hemmings has been on secondment to Celebration Brands Limited in the role of HR & Communications Director.

SJ Declares Dividend Published: 10 March 2014

The Board of Directors of Sagicor Group Jamaica Limited has approved a resolution to declare an interim dividend of $0.35 per share payable on March 31, 2014 to shareholders on record as at March 21, 2014. The ex-dividend date is March 19, 2014.

GK Declares Dividend & AGM Notice Published: 10 March 2014

GraceKennedy Limited (GK) has released its audited financial statements for the year ended December 31, 2013. The Board of Directors of GK has declared an interim dividend of $0.70 per share payable on April 30, 2014 to shareholders on record as at April 11, 2014. The ex-dividend date is April 9, 2014. The Annual General Meeting of GK will be held on Wednesday, May 28, 2014 at 4:00 p.m. at 73 Harbour Street, Kingston, Jamaica.