The Initial Public Offering (IPO) for Elite Diagnostics Limited opens on Monday, February 5, 2018 and features the following details:

• 70,680,000 Shares for Subscription
• Priced at J$2.00 per share
• Invitation closes February 12, 2018

The Elite Diagnostics Prospectus can be viewed here.

The Jamaica Stock Exchange (JSE) and the Jamaica Central Securities Depository Limited (JCSD) are leading an initiative to bring Jamaica in line with many of the major markets across the world with regards to the settlement period for financial products traded on the Jamaican securities markets.

Currently, when you buy or sell securities, the transactions are typically settled three (3) days after the completion of the trade. This is referred to as a T+3 settlement period. On December 11, 2017, Jamaica will be changing to a T+2 settlement period. This means that trades will be settled 2 days after the completion of the trade and not 3 days as currently exists. 

The new settlement cycle represents a faster and more efficient means for settling trades. Please click here for more information.

The NCB Financial Group Limited (NCBFG), the holding company for the National Commercial Bank Jamaica Limited (NCBJ) and its subsidiaries, has launched a 105 million USD denominated bond targeting Accredited Investors in accordance with the Financial Services Commission’s Guidelines for Exempt Distribution. The bond, arranged by NCB Capital Markets (NCBCM), has a coupon of 7% with a tenure of five years.

The fundraise, which is for general corporate purposes, comes at a time when the USD money market is fairly liquid and investors are in search of lucrative instruments.

“NCBFG is building its financial arsenal to pursue various investment opportunities both in the local and regional markets,” said President and Group Chief Executive Officer Patrick Hylton.

NCBFG was listed on the Jamaica Stock Exchange on March 16, 2017 after shareholders of NCBFG and NCBJ approved a Scheme of Arrangement under which NCBJ shareholders at the time gave up their shares for shares in NCBFG. The Group, Jamaica’s largest financial conglomerate, with assets totalling $665 billion, remains committed to finding inorganic growth opportunities through a robust regional expansion strategy. This is evidenced by its 29.99% stake in the Guardian Holdings Limited, acquired in May 2016. The NCB Group has operations in Trinidad & Tobago, Barbados and the Cayman Islands. In addition to core banking, the Group lists wealth management services as well as both life and general insurance among its business lines.

“With this expansion comes the opportunity to diversify our revenue streams; it is our intention to continue maximising on our regional interests through a combination of strategic investments, joint ventures, mergers and acquisitions that will stimulate further business growth,” added Mr Hylton, who at the same time praised the company’s employees for the work they have put in to ensure the success and viability of the Group.

The Group recorded net profit of $14.7 billion for the nine months ended June 2017, an increase of 48% over the corresponding period last year.  This follows a strong performance in the 2016 financial year during which net profit increased 17% relative to the $14.4 billion recorded in September 2015. As at June 2017, NCBFG has shareholders’ equity of $111.7 billion. NCBFG stock price closed at $88.66 at the end of trading day on October 4, up 77.32% since the start of the calendar year; this translates to a market capitalisation of $218.7 billion.