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Panjam Investment Limited (PJAM) Private Bond Placement Published: 09 June 2017

Panjam Investment Limited (PJAM) has advised that on June 1, 2017, in accordance with exemptions granted by the Financial Services Commission, successfully raised $2.687 Billion by way of a Private Bond Placement.

PJAM advised that the funds raised were allocated as follows:

  • Tranche A – $1,195,000,000 (2020) – fixed at 8.25%
  • Tranche B – $1,492,000,000 (2025) – fixed at 9% for the first four years, then varies at 2% above the 6-month Treasury Bill rates for the next four years.

Press Release - JPS Published: 09 June 2017

The Majority Shareholders of JPS are very pleased to announce the appointment of Mr. Emanuel DaRosa as President and CEO, effective August 1, 2017. Emanuel is extremely pleased to accept this assignment, to build on the excellent work of his predecessor, Ms. Kelly Tomblin and to serve the people of Jamaica. He has successfully led prior organizations to achieve top quartile performance by adopting best in class practices and processes ultimately achieving employee, operational and customer service excellence. For the last six years, Mr. DaRosa has served as the CEO of the Northwest Territories Power Corporation (NTPC) where he led the organization to becoming an industry leader within Canada. NTPC owns and operates 27 isolated grid systems utilizing diesel, hydro, liquified natural gas, wind and solar in one of the world’s harshest climates. Concurrently he sat on the Board of Directors of district heating firm, Aadrii Corporation for 5 years. Emanuel is also experienced in high level government relations and policy development including working as the Deputy Minister in support of Ministers and the Premier of the Northwest Territories. Creating alignment between Government, the Board of Directors and Senior Management has led to effective energy policy, an energy plan, as well as substantial customer programs being successfully implemented through his efforts. His leading edge leadership has led to nominations of several energy committees at the Provincial and Territorial level that are helping shape the utility industry in Canada. Emanuel has 26 years of electrical utility experience working in the areas of distribution, transmission and generation. He has previously held the positions of Vice President of Operations & Engineering, T&D Asset & Investment Manager, Design Supervisor, Distribution Engineer, Plant Engineer and Transmission System Designer with Thunder Bay Hydro, Brookfield Renewable Power and Ontario Hydro. While with Ontario Hydro, he received the President’s award for innovation in diesel generation plant design. With a professional engineering license in Canada and an Executive Masters in Business Administration, along with certifications in Balanced Scorecards, Emanuel describes himself as a lifelong learner. Emanuel was born on the Island of Sao Miguel in the Azores, Portugal and migrated to Canada at the age of three with his working class family. He was the first in his extended family to complete a university education, graduating with Honours. He is quite active playing soccer, baseball, golf, hockey, and enjoys riding his motorcycle as well as snowmobiling which he now hopes to replace with surfing. Sherry, his wife of 21 years, and Deanna, his daughter, will accompany Emanuel to Jamaica while Daniel, his son, will attend the University of Alberta Physiology program working his way to medical school. Mr. and Mrs. DaRosa look forward to living on the Island, getting involved in the community and helping the people of Jamaica.

Access Financial Services Ltd Declares Dividend Published: 15 May 2017

Caribbean Flavours and Fragrances Limited (CFF) has advised that their Board of Directors will meet on Monday, May 15, 2017 to consider the payment of an interim dividend.

Panjam Investment Limited Declares 2nd Dividend for 2017 Published: 15 May 2017

Panjam Investment Limited (PJAM) has advised that their Board of Directors at the Board Meeting  on May 11, 2017, adopted a Resolution to declare a second interim dividend for the year 2017, in the amount of Twenty Cents ($0.20) per stock unit, payable on June 22, 2017, to stockholders on record as at the close of business on May 29, 2017.  The ex-dividend date is May 25, 2017.

Eppley Limited Declares Dividend Published: 15 May 2017

Eppley Limited (EPLY) has advised that at a meeting of their Board of Directors on May 11, 2017, an ordinary dividend of 3.72 cents or $0.0372 per share was declared, to be paid on June 2, 2017, to all shareholders on record as at May 19, 2017.  The ex-dividend date is May 17, 2017

Pulse Investments Limited – Stock Split Consideration Published: 15 May 2017

Pulse Investments Limited (PULS) has advised that at the Board Meeting scheduled to be held May 22, 2017, in considering the resolution for a split in the company’s stock, the Board will also consider and if thought fit, pass the following resolution:
1. That the authorized share capital of Pulse Investments Ltd, be increased from 450,000,000 (four hundred and fifty million) shares of no par value, to 1,950,000,000 (one billion, nine hundred and fifty million) shares of no par value, by the creation of an additional 1,500,000,000 (one billion, five hundred million) shares.
PULS further advised that any resolution passed by the Board, will go to a General Meeting to be voted on by the shareholders of Pulse Investments Ltd.

NCB Capital Markets J$6B Bond is coming soon! Published: 05 May 2017

Coming on the heels of the Caribbean Information and Credit Rating Services Ltd (CariCRIS) assigning a jmA+ rating to NCB Capital Markets, the regional brokerage house will on Wednesday open a $6-Billion bond, providing its investors with another opportunity for financial growth. NCB Capital Markets will offer this bond between May 10 and 31 to all investors. The required minimum investment will be $100,000 and investors will earn 8.5 per cent per annum for a period of three years with quarterly interest payments.

“We like to listen to our clients and that constantly leads us to finding new ways to offer value to them,” said Kerry Spencer, the company's Assistant Vice-President – Wealth Management.

“This new bond, along with our Income Optimizer unit trust product launched in February, is just another way for us to demonstrate that,” she said.

NCB Capital Markets along with its sister company in Cayman which represents the wealth, asset management and investment banking arm of the NCB Group contributed 23 per cent of the Group's overall operating income. This made it the second highest contributor to the Group's earnings for the period ended March 31, 2017.

“The company received a local jmA+ rating with a positive outlook for a debt issue of circa $16 billion, which indicates good creditworthiness and underscores the business strength in Jamaica and its status as an emerging player in the Caribbean,” Spencer added, noting that investors are now able to monetise this strength.


Funds raised from the bond offer, Spencer noted, will aid the company in pursuing various opportunities within the region. In addition to Jamaica, NCB Capital Markets has a market presence in the Cayman Islands, Trinidad and Tobago, and Barbados.


GraceKennedy Limited Appoints Consultant Published: 04 May 2017

Peter Moses Appointed Consultant to the GraceKennedy Financial Group KINGSTON, JAMAICA May 1, 2017 - Don Wehby, Group CEO of GraceKennedy Limited, is pleased to announce the appointment of Peter Moses as a consultant to the GraceKennedy Financial Group Limited, effective May 1, 2017. Mr Moses will act as a special advisor to the Group CEO on all matters relating to Financial Services within the GraceKennedy Group of Companies. Subject to approval from the Bank of Jamaica, Mr Moses will also be appointed to the Boards of First Global Bank Limited (“FGB”) and GraceKennedy Financial Group Limited. It is anticipated that Mr Moses will step into the role of Chairman of FGB on the retirement of Douglas Orane from that role later this year. Mr Moses has had a distinguished career in banking, having served in several senior roles at Citibank N.A., including Head of CitiFinance and CitiMerchant Bank and Head of Citibank N.A. He has also contributed significantly to the wider Jamaican business community in his roles as President of the Private Sector Organisation of Jamaica and the American Chamber of Commerce. It is expected that he will bring considerable business acumen and insight to his proposed roles within the GraceKennedy Financial Group.  

NCB Financial Group Limited – Revision of Titles & Appointment of Officers Published: 04 May 2017

NCB Financial Group Limited (NCBFG) has advised of the revision of titles of the following directors of NCBFG, effective May 1, 2017:

  • Patrick Hylton – President and Group Chief Executive Officer
  • Dennis Cohen – Group Chief Financial Officer and Deputy Chief Executive Officer

Effective also on May 1, 2017, the title of the Company Secretary, Dave Garcia, was revised to Group General Counsel and Corporate Secretary.

The following additional officers were appointed:

  • Mukisa Ricketts – Group Chief Internal Auditor
  • Misheca Seymour Senior – Group Chief Compliance Officer
  • Allison Wynter – Group Chief Risk Officer

NCBFG further advised that the aforementioned officers also retained their existing responsibilities as officers of NCBFG’s subsidiary, National Commercial Bank Jamaica Limited.

Jamaica Public Service Company Limited Declares Dividend on Preference Shares Published: 04 May 2017

Jamaica Public Service Company Limited (JPS) has advised that their Board of Directors at a meeting held on March 28, 2017, declared quarterly dividends on the undermentioned preference shares payable to shareholders on record as at June 15, 2017.  The payment date is June 30, 2017.  The ex-dividend date is June 13, 2017.

3.5₵ on the 7% Cumulative Preference Shares “B”
2.5₵ on the 5% Cumulative Preference Shares “C”
2.5₵ on the 5% Cumulative Preference Shares “D”
3₵ on the 6% Cumulative Preference Shares “E”