When the Wigton Windfarm IPO (initial public offering) opens next week, investors looking to participate may now do so through a new, revolutionary digital platform courtesy of NCB Capital Markets.

The online portal, dubbed GoIPO and created in conjunction with the Jamaica Central Depository Service (JCSD), is designed to promote ease-of-use allowing participants to electronically submit their applications and thereafter receive real-time updates as to their status during the process. 

If Wigton is successful, the transaction stands to be among the largest, second only to Wisynco Limited’s floated in December 2017, as the wind energy company demands a raise of J$5.5 Bn.

“NCB Capital Markets had the distinction of executing the Wisynco IPO, which saw us processing over 8,000 applications… the most, by far, under the stock exchanges dematerialised framework, said NCB Capital Markets CEO Steven Gooden, admitting that the manual processing of the subscriptions proved to be an administrative and logistic nightmare for both NCB and the Jamaica Stock Exchange.

“Wigton in terms of dollar value is similar to Wisynco and as such, we thought it the perfect opportunity for us to showcase this solution that aims to faster process and update customers in less than one tenth of the time when compared to the traditional paper submissions,” he noted.

Of the GoIPO solution, he further noted that the platform was encrypted, provided security and confidentiality to users, who can access the digital portal once they have a JCSD number. Gooden said, too, that as selling agents of the IPO, NCB Capital Markets possesses the largest distribution channel within the broker space and clients who do not wish to apply digitally are encouraged to complete and return their forms to NCB Capital Markets locations islandwide.

“This is a major opportunity for Jamaicans from all walks of life, and this platform is our way of empowering the communities we serve,” he said referencing Prime Minister Andrew Holness’ 2019 New Year’s message wherein he said that the Government will be packaging and bringing to market several public sector assets for sale on the JSE.

“It’s an exciting time to be a Jamaican and as a leading brokerage firm, we believe in the creation of an ownership economy—giving everyday people the ability to own shares and actively participate in the country’s growth agenda,” Gooden said, noting that there is no charge or fees associated with accessing the GoIPO solution.

An IPO is an initial public offering, or the first sale of stock by a privately owned company to the public. IPOs are often issued by companies seeking the capital to expand, but in this case the government is divesting the company, for which it has 100 per cent ownership, in public hands.

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(Bloomberg) Oil price action has moved from a selloff to a collapse, with West Texas Intermediate plunging 7.1 percent in yesterday’s session. The latest leg-down in the price came after OPEC warned that demand for its crude is falling faster than expected. A barrel of WTI for December delivery was virtually unchanged at $55.75 by 5:45 a.m. Eastern Time as the International Energy Agency welcomed the oil market’s return to surplus.

Fitch has lowered its forecast for Mexico’s real GDP growth in 2019 to 2.1%, from 2.7% previously. Fitch expects economic growth in Mexico to slow over the coming quarters, as investors sour on President-elect Andrés Manuel López Obrador (AMLO). Investment is expected to remain weak in 2019, as uncertainty around policy formation under AMLO outweighs more clarity in US trade relations following an agreement on NAFTA 2.0. The service sector will remain the key engine of growth, but the pace will slow as weaker investment ways on payrolls and inflation remains elevated.

(Barbados GIS) The government of Barbados is on track to revise its current suite of international business legislation by year-end to ensure compliance with the Organization for Economic Cooperation and Development's (OECD) Base Erosion and Profit Shifting (BEPS) Action 5 on harmful tax practices. According to the Ministry of International Business and Industry, the work is ongoing and engaging the full attention of the Office of the Attorney General, the Chief Parliamentary Counsel, the Ministry of Finance, the Central Bank of Barbados and the Financial Services Commission. A new regime which replaces the existing International Business Companies (IBC), as well as the International Societies with Restricted Liability (ISRL), would be rolled out effective January 1, 2019. While this will effectively bring to an end the issuance of new IBC and ISRL’s licenses, the new regime will ensure that the main incentives currently available to entities engaged in global business will continue.

 For the third quarter ended September 30, 2018, JSE reported a net profit of $293.3Mn (EPS: $0.42), representing a 96.6% improvement relative to the $149.2Mn (EPS: $0.21) reported last year. The performance was driven by strong growth in revenue due to an increase in Cess and Fee income attributed to increased volume of business, especially in relation to trading of securities. JSE continues to focus on the promotion of new and existing market, and new product development as a means of diversifying and growing revenue.

• KPREIT has advised that it has completed the acquisition of a four-story, 32,000 square feet commercial building located at 52-60 Grenada Crescent in New Kingston. 
• The Company further advised that the purchased brings to a total of three properties held in Jamaica and that the building is fully tenanted with a wide cross-section of tenants ranging from law firms, government agencies, and a BPO firm.
• “The property was acquired at a price of $435 million and was financed both by a senior secured loan facility with CIBC First Caribbean Jamaica and the net proceeds of the sale of condos in the US,” KPREIT stated.

Source: JSE

At GraceKennedy Ltd.’s Annual General Meeting, held on Wednesday, May 30 at the Company’s Harbour Street, Kingston Headquarters; Don Wehby, Group CEO, signalled to shareholders some of the strategic plans for the Company in the lead up to its 100th year anniversary in 2022.

The company has outlined some key priorities which include: embedding lean management practices for increased efficiency; facilitating empowered and autonomous subsidiaries to foster entrepreneurship; maintaining strong corporate social commitments through the Foundations; consistent pursuit of innovation and new growth opportunities; and inculcating a customer-centric culture throughout the Group.

The leadership has made a firm commitment to achieve these goals and has already engaged the services of London Consulting Group a firm which previously worked with companies such as  Nestlé and ING.

Mr. Wehby also indicated that 2018 is expected to be a very successful year and the Company has set for itself an aggressive target of achieving a record-breaking J$100 Billion in revenues by year-end.

Source:  Media Release - GraceKennedy Group looks to 2022 by the GraceKennedy Corporate Communications Department, May 31, 2018.