• On June 5, 2025, Seprod Limited, which currently owns 50.14% of A.S. Bryden & Sons Holdings Limited (ASBH), extended the deadline for its takeover bid to acquire up to an additional 29.85% of ASBH’s ordinary shares to June 9, 2025, 8:00 am.
• The offer opened on May 1, 2025, and was originally set to close on June 5, 2025, pending regulatory approvals in both Trinidad & Tobago and Jamaica.
• The proposed transaction is structured as a share-for-share exchange, wherein ASBH shareholders are being offered 396.43 Seprod shares for every 1,000 ASBH shares they tender, as Seprod seeks to acquire up to 447,491,012 ASBH Shares.
• By increasing its ownership stake, Seprod aims to strengthen alignment with ASBH and unlock greater synergies between the two companies, which should support the creation of a regionally integrated distribution platform to the benefit of customers and partners.
• Since listing on the Jamaica Stock Exchange (JSE), ASBH has traded higher than its listing price ($22.50), but is down significantly from its peak ($45.00 on January 16, 2024) and has been relatively illiquid.
• At the close of the trading day ended June 5, 2025, ASBH’s stock price was $26.88, down 10.4% since the start of the year. At its current price, it trades at a P/E of 29.5x. Meanwhile, Seprod’s stock price was $81.44, down 6.6% and had a P/E of 27.1x. Both companies’ P/Es are above the 15.9x Main Market Distribution & Manufacturing Average.

(Source: JSE & NCBCM Research)

• First Rock Real Estate Investment Limited (FIRSTROCK) advised on June 4, 2025, its intent to refinance the credit facility extended by Sagicor Bank Jamaica Limited surrounding the development of its Hambani Estate residential complex.
• Hambani is said to be the first development complex of its kind, providing “ultra-wealthy” buyers with a safe, secure and centrally located property at 1-3 Bamboo Avenue, Kingston 6. The units are stand-alone villas (12 in total) spanning 8,400 to 8,700 square feet.
• Given the maturity of the Sagicor Bank Facility, FIRSTROCK has engaged with a Financial Institution to fully repay the facility. The bank is said to have placed the lands under mortgages for the Hambani Estate Development, granted to First Rock Real Estate Investments Limited, into receivership. As part of the receivership, it is understood that Sagicor has taken possession of all but one house lot, which has been fully paid for.
• Once the new financier is in place, FIRSTROCK expects the project to be completed within 3 months. FIRSTROCK has indicated that there is currently a wait list for the three unsold units, which they plan to put on the market at the appropriate time.
• The Project currently stands at 90% completion, with practical completion having been obtained within the development already. The current loan-to-value is 45%.

(Source: JSE)

• The Board of Directors of Jamaica Money Market Brokers (JMMB) has announced plans to delist its variable rate Jamaican dollar cumulative preference shares from the Jamaica Stock Exchange (JSE).
• The shares, which were listed in March 2016, will be officially delisted on June 20, 2025.
• The decision comes as the company seeks to modify its capital structure. As part of this move, JMMB intends to convert the preference shares into ordinary shares, which will not be listed on the JSE.
• The company also confirmed that the holder of all these preference shares supports the proposed conversion.

(Source: JSE)

• The White House on June 4 announced sweeping travel restrictions targeting nearly two dozen countries, including the Caribbean nations of Haiti and Cuba, under a new Proclamation signed by President Donald Trump aimed at combating terrorism and enhancing national security.
• Citing “common sense security standards,” the Trump administration said the move was necessary to limit the entry of foreign nationals who may pose threats to the United States. Haiti is one of 12 countries facing a full suspension of entry. According to a U.S. government assessment, Haiti’s B1/B2 visa overstay rate was 31.38%, and the overstay rate for student and exchange visas (F, M, and J categories) was 25.05%. The report cited the lack of a centralised, cooperative authority in Haiti, the absence of adequate law enforcement information, and a recent influx of undocumented Haitian nationals as contributing to national security and immigration enforcement concerns.
• Cuba, meanwhile, is among seven countries facing partial travel restrictions, specifically targeting immigrants and nonimmigrants on B-1, B-2, B-1/B-2, F, M, and J visas. The administration cited Cuba’s designation as a state sponsor of terrorism, lack of cooperation in law enforcement information-sharing, and a B1/B2 overstay rate of 7.69%, with a student/exchange visa overstay rate of 18.75%.
• The travel ban takes effect on Monday, June 9th, according to media reports.

(Source: Caribbean National Weekly)

• Barbados’ top public health official has moved to reassure the public following the emergence of a new COVID-19 variant, stressing that while the strain is more contagious, it does not appear to cause more severe illness than earlier versions of the virus.
• Speaking at a press briefing at the Pan American Health Organisation (PAHO) regional headquarters, Senior Medical Officer of Health Dr Leslie Rollock said the new variant—NB.1.8.1 – is more transmissible but not more virulent.
• “As you would be aware, the coronavirus that caused COVID-19 is continually changing. It is becoming more and more transmissible, easier to pass from person to person,” Dr Rollock explained. “This new variant that has been discovered is, of course, more transmissible, but in itself it is not more virulent.”
• The World Health Organisation (WHO) has designated NB.1.8.1 as a “variant under monitoring” amid rising case numbers, particularly in the United States, a key source market for Barbados.
• Dr Rollock noted that although the illness caused by the variant is not necessarily more dangerous than previous strains like Delta, the increased rate of transmission could result in more people being infected, posing a higher risk for the medically vulnerable. The Ministry of Health is keeping a close eye on international developments, particularly in countries with high travel volumes to Barbados during the busy summer season.

(Source: Caribbean National Weekly)

• U.S. President Donald Trump and Chinese leader Xi Jinping confronted weeks of brewing trade tensions and a battle over critical minerals in a rare leader-to-leader call on Thursday that left key issues to further talks. During the more than one-hour-long call, Xi urged Trump to back down from trade measures that had roiled the global economy and warned him against taking threatening steps regarding Taiwan, according to a Chinese government summary.
• But Trump said on social media that the talks focused primarily on trade led to "a very positive conclusion," announcing further lower-level U.S.-China discussions, and that "there should no longer be any questions respecting the complexity of Rare Earth products." He later told reporters: "We're in very good shape with China and the trade deal." The leaders also invited each other to visit their respective countries.
• The highly anticipated call came in the middle of a dispute between Washington and Beijing in recent weeks over "rare earth" minerals that threatened to tear up a fragile truce in the trade war between the two biggest economies. It was not clear from either country's statements that the issue had been resolved.
• A U.S. delegation led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer will meet with their Chinese counterparts "shortly at a location to be determined," Trump said on social media.
• The countries struck a 90-day deal on May 12 to roll back some of the triple-digit, tit-for-tat tariffs they had placed on each other since Trump's January inauguration. Though stocks rallied, the temporary deal did not address broader concerns that strain the bilateral relationship, from the illicit fentanyl trade to the status of democratically governed Taiwan and U.S. complaints about China's state-dominated, export-driven economic model.
• Since returning to the White House in January, Trump has repeatedly threatened an array of punitive measures on trading partners, only to revoke some of them at the last minute. The on-again, off-again approach has baffled world leaders and spooked business executives.

(Source: Reuters)

• The European Central Bank cut some of its growth and inflation projections on Thursday as the fallout from a global trade war is likely to prove a drag for the 20-nation euro zone.
• Inflation is now seen falling further below the ECB's 2% target next year as lower energy costs, a stronger euro, and weak economic growth all weigh on prices. A muted outlook for both economic growth and inflation is why the ECB cut interest rates again on Thursday, lowering the deposit rate by a combined 2 percentage points since last June.
• However, this may not be enough. Markets expect between one and two additional rate cuts this year, as growth remains anaemic and there is no meaningful rebound on the horizon.

(Sources: Reuters)

• For the financial year ended March 31, 2025 (FY2025), PROVEN’s unaudited earnings to shareholders totalled US$2.57Mn, reflecting a 79.1% decline from the US$12.27Mn for FY2024. The falloff occurred despite an operating profit rebound, as its share of profits of associates is down 63.8%.
• The group’s operating profit rebounded from a US$1.06Mn loss to a profit of US$1.19Mn, supported by marginal operating revenue growth, up 0.4% to US$55.06Mn and lower operating costs, down 3.3% to US$53.87Mn.
• Operating revenue benefited from an 8.8% increase in manufacturing revenue growth to US$18.41Mn and a 20.7% rise in fees and commissions to US$11.43Mn. The Manufacturing segment was supported by commodity prices and product diversification, while fees and commissions were driven by the recovery in trading volumes and commission-driven activities within the wealth segment. The group also saw an 11.6% improvement in its management income to US$4.33Mn. However, most of this growth was negated by an 8.9% decline in net interest income (NII) to US$16.14Mn and gross losses from property sales totalling US$1.08Mn.
• The group’s operating cost savings were more significant than revenue growth, led by savings on staff costs. PROVEN’s staff costs declined by US$5.18Mn (17.5%) to US$24.37Mn, following a restructuring and consolidation exercise in FY2024. Still, these savings were partly offset by a US$3.66Mn (18.9%) increase in other operating expenses.
• Despite the higher operating profit, groupwide and shareholders’ profits – which exclude non-controlling interest were hit by a US$9.67Mn decline in share of profits from associates. PROVEN’s share of profits was primarily attributable to its 20% stake in JMMB Group Limited (JMMBGL), whose profits also softened off the back of a lower share of profits from associates. Last year, JMMBGL, which owns 24.5% of Sagicor Financial Company (SFC), benefited from one-off gains when SFC purchased Canadian insurance firm IVARI at a bargain. In the absence of these gains, JMMBGL’s shareholder profits were down 69.5% to J$3.51Bn for FY2024.
• At market close on Wednesday, Proven’s JMD stock price was J$17.62, down 18.0% since the start of the year. At its current price, the company trades at a P/B of 8.85x, which is below the average of 1.20x for the Main Market Financial Sector Average.

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¹Net Income Attributable to Noncontrolling Interest refers to the portion of a company's profits that belongs to minority shareholders or noncontrolling interest in a subsidiary. Noncontrolling interest is the ownership percentage of a company's subsidiary that is not owned by the parent company.

(Sources: PROVEN Financial Release & NCBCM Research)

• Fitch Solutions anticipates the Jamaican dollar (JMD) will depreciate against the US dollar (USD) through 2025 to JMD160/USD by year-end. The slightly bearish outlook is rooted in a more dovish monetary policy stance expected from the Bank of Jamaica (BOJ) through 2025 in response to a soft domestic economic outlook, muted inflationary pressures, and easing external constraints.
• BOJ policy decisions are expected to continue to influence the trajectory of the Jamaican dollar. Jamaica’s foreign exchange rate is closely managed by the BOJ to mitigate imported inflation and achieve its price stability mandate.
• While the Central Bank does not target any specific level of exchange in its ‘crawl-like arrangement’ (reclassified by the IMF from ‘floating’ in 2022), it explicitly uses foreign exchange interventions to ensure price stability.
• Consistently modest growth numbers suggest that further stimulus may be pursued by the BOJ to support the domestic economy. Encouragingly, the BOJ likely has scope to implement growth-focused monetary policy, as external constraints have waned. Additionally, declining global energy prices and a negative demand shock from slowing U.S. economic activity have mitigated domestic inflation risks, empowering the BOJ to pursue looser monetary policy and a weaker domestic currency with little fear of destabilising domestic price stability.
• Risks to Fitch’s forecast are skewed slightly to a weaker Jamaican dollar. Should the BOJ feel emboldened, it could allow the JMD to depreciate more than expected to stimulate net exports or reduce the policy rate more quickly. While not the core view, if a stubbornly downbeat external environment strains Jamaica’s foreign reserve levels, a more immediate depreciation could result over a longer time horizon.
• However, upside risk to the forecast comes from the potential for significant weather shocks creating supply-side inflationary pressures or renewed geopolitical tensions creating supply chain challenges. Should these risks materialise, the BOJ may opt to pursue a tighter-than-expected monetary policy stance, buoying the domestic currency.

(Source: Fitch Connect)

• SHELL Trinidad and Tobago Ltd has made a Final Investment Decision (FID) on the Aphrodite project, an undeveloped gas field in the East Coast Marine Area (ECMA) in Trinidad and Tobago. According to Shell, the Aphrodite development will allow the company to incrementally expand its Integrated Gas business by leveraging existing developments in the ECMA.
• “Once online, this gas field will serve as a backfill for the country’s Atlantic LNG facility. The increased production will help to maximise the potential utilisation of Shell’s existing assets,” Shell stated in a release issued a short while ago.
• “By increasing the gas supply to Atlantic LNG, the project will not only serve to fortify the domestic gas market, it will also boost the local petrochemical and power-generation industries.” he added. Shell stated that the Aphrodite field remains subject to regulatory approvals.
• Once approved, production is expected to begin in 2027 with peak output projected at approximately 18,400 barrels of oil equivalent per day (boe/d). Once all applicable regulatory approvals are received, Shell will be the operator of Aphrodite with a 100.0% working interest under the Block 5a Production Sharing Contract & Block E Production Sharing Contract.
• This project helps to deliver on Shell’s ambition to solidify its leading position in liquified natural gas (LNG) by growing sales by as much as 5.0% per year through to 2030. According to Shell’s LNG Outlook 2025, Asian economic growth is expected to drive a 60.0% rise in LNG demand to 2040.

(Source: Trinidad Express)