Transparency, Transition and Growth on the JSE

Announcements on corporate developments spanning regulatory compliance, leadership changes and regional expansion through cross-border acquisition were among the releases coming from companies listed on the Jamaica Stock Exchange’s (JSE) headlines.
On the regulatory front, the JSE immediately suspended trading in the shares of Medical Disposables & Supplies Limited (MDS), in accordance with Junior Market Rule Appendix 2, Part 4(2)(e), pending submission of its audited financial statements for the year ended March 31, 2026. Until the outstanding financials are submitted and the suspension is lifted, investors will be unable to trade the stock, while the absence of audited results limits visibility into the company’s latest financial position and performance.
Governance developments were also in focus, particularly across NCB Financial Group Limited (NCBFG) and its subsidiaries. Robert Almeida will conclude his tenure as NCB Financial Group Limited (NCBFG) Group CEO and director of Guardian Holdings Limited (GHL) on September 30, 2026. Dominic Rampersad will subsequently assume the role of Chairman of GHL’s Board on October 1. The notice was published pursuant to Section 64(1)(b) of the Securities Act, 2012.
To support the leadership transition, NCBFG announced several senior appointments as part of its succession plan. Julian Mair will become Group CEO effective November 17, 2026, while Dave Garcia, who assumes the role of Group COO on September 1, will serve as Acting Group CEO from October 1 until Mair takes office. Ky-Ann Taylor will also become Group General Counsel and Corporate Secretary, while Sheree Martin has been confirmed as CEO of National Commercial Bank Jamaica Limited (NCBJ), both effective September 1.
Alongside the leadership changes, NCBFG continued to reorganise its regional operations. The Group completed the sale of its wholly owned subsidiary, NCB (Cayman) Limited, to Bermuda-based Clarien Bank Limited, while the related transfer of a wealth and investment client portfolio remains subject to outstanding approvals. The intra-group transaction is intended to consolidate NCBFG’s offshore wealth-management operations under the Clarien brand and improve capital efficiency, with no material impact expected on the Group’s earnings or asset base and no disruption to clients. Mr. Almeida will continue to serve as a director of Clarien Bank Limited
Elsewhere, Image Plus Consultants Ltd. (IPCL) also announced an upcoming governance transition. Independent Director Carolyn DaCosta will resign effective September 30, 2026, at which point she will also step down as Chair of the Remuneration, Corporate Governance & Nominations Committee. However, DaCosta will remain the company’s Mentor until November 30, providing some continuity during the transition. In accordance with Rule 503 of the JSE Junior Market Rules, the Board will advise the Exchange within the ninety-day period of the appointment of a new mentor.
Beyond the governance changes, Eppley Limited (Eppley) continued its regional expansion thrust with the acquisition of NorthWest Premium Financing Limited (NWPF), a finance company providing insurance premium financing and other speciality loans in Trinidad and Tobago and Grenada. The acquisition extends Eppley’s presence across the Caribbean and broadens its specialty-finance exposure, while providing an opportunity to leverage its existing investment platform to support NWPF’s growth.
The acquisition also comes against the backdrop of improved H1 2026 earnings for Eppley, with net profit rising 11.0% to J$455Mn. The improvement was supported by a 13.0% increase in gross investment income to J$888Mn, alongside stronger operating lease, rental, interest and asset management income. The performance reinforces the continued expansion of Eppley’s investment platform, with the NWPF acquisition providing another avenue to broaden its earnings base.
From an investor perspective, the developments reinforce the importance of execution and transparency in shaping near-term sentiment. For MDS, restoring timely financial disclosure will be key to rebuilding visibility, while Eppley’s continued expansion could strengthen its earnings diversification over time, provided the company successfully integrates and scales NWPF and translates its broader regional footprint into sustainable returns.

(Sources: Jamaica Stock Exchange & NCBCM Research)