General Business News

Reports of Insider trades

June 19, 2013 by IC Insider.com

Trades by directors or persons or entities connected with company can be a powerful tool as to what may be taking place in a company. That may not always be the case as it all depends on the reasons for each action.

In the Jamaica, there are some companies that have ‘connected parties’ whose trading in the company stock may tell a story as to what can be expected down the road. For example, Mayberry Investment is one company that buying by insiders usually sends a strong message for future prospects. Jamaica Broilers is another company where insider buying and selling more often than not, sends a good message. We list below recent insider trades. Investors can make of them as they see fit.

JMMB | Jamaica Money Market Brokers Limited advised that a connected party sold a total of 5,000,099 JMMB shares during the period June 10 – 13, 2013. Also a connected party sold a total of 426,500 JMMB shares during the period June 4 – 12, 2013.

Honey Bun | Honey Bun (1982) Limited advised that a Director sold 5,000 Honey Bun shares on June 13, 2013.

Sagicor | Sagicor Life Jamaica Limited (SLJ) has advised that an Executive sold 2,000,000 SLJ shares on June 12, 2013.

PanJam | Pan-Jamaican Investment Trust Limited (PJAM) has advised that a director sold 14,200 PJAM shares on June 14, 2013.

MIL | Mayberry Investments Limited (MIL) advised that a related party purchased 26,400 MIL shares on June 14, 201 and that another trade purchase took place by related parties of 238,853 MIL shares during the period June 10 — 11, 2013 and another purchase of 6,739 MIL shares took place on June 5, 2013.

TCL | Trinidad Cement Limited (TCL) advised that two senior managers purchased 207,365 and 99,000 TCL shares on May 14, 2013 and June 4, 2013 respectively and that a person connected to a senior officer purchased 100,000 TCL shares on June 14, 2013.

JAMT | Jamaican Teas Limited has advised that a party related to a director purchased 18,948 shares during the period May 21, 2013 to June 6, 2013.

PURITY Consolidated Bakeries Jamaica Limited has advised that a Senior Manager purchased 18,300, 000 in the company on May 31, 2013.

Digicel joins the rate cut race

June 14, 2013 by IC Insider.com

Following on the announcement last week by Cable & Wireless to cut all prepaid rates to $2.99 across all networks and to overseas, Digicel Jamaica unveiled a range of new plans that involves the lowest rates per minute. The new plans goes into effect at 12.01am on Friday morning.

Customers are now able to choose from one of six plans that best suit their individual needs a release from the company said.

Digicel’s line up of plans includes the Brawta Plan, the Gimme Five Extra Plan, the Double Bubble Plan and the $2.99 Plan all with per second billing plus the $2.49 Plan and $2.89 Sweet Plan with per minute billing.

Digicel Jamaica CEO, Barry O’Brien commented; “We asked our customers what they wanted and the answers we got were great value, lots of choice and more freeness.”

The details of each plan as provided by Digicel are:

The Brawta Plan and Gimme Five Extra Plan see customers getting even more freeness than they got with Gimme Five. Customers will now get 55 minutes of free Digicel Talk, 200 free Digicel Texts, 10 MB of free Data with free Nights, 55 free International minutes, monthly free Credit and Cash Back after talking for five minutes, sending five texts or topping up with $200 or more.

The Double Bubble Plan with per second billing sees customers getting double the value of their credit every time they top up with $200 or more. But that’s not all. Double Bubble customers will also get 10 minutes of free Digicel Talk, 10 free Digicel Texts and 25 free International minutes once they have talked on net or internationally for five minutes or sent five texts.

The $2.99 Plan with per second billing means customers get a great low rate on net and to the other mobile network at any time.

The $2.49 Plan with per minute billing is perfect for those customers who make longer calls and want the lowest rate in the market. Both of these new $2.99 and $2.49 Plans come with 25 free International minutes after the first five minutes.

Best suited to customers who like making long calls, the $2.89 Sweet Plan with per minute billing offers 10 minutes of free Digicel Talk, 100 free Digicel Texts, 10 MB of free Data with free Nights, 25 free International minutes, free Credit and Cash Back to customers once they have talked for five minutes, sent five texts or topped up with $200 or more.

Digicel Jamaica CEO, Barry O’Brien, continues; “We know that everybody loves freeness and presently over half our customers talk time is free and over 90% of Digicel texts sent are free. For example, with the new Gimme Five Extra Plan, with Free after 5, a customer now gets 200 free texts which equates to $600 of free texts when you spend $15.”

To guarantee the customer experience, Digicel invested $7 billion in network improvements and upgrades last year and a further $3 billion investment is planned for this year.

Filed Under: Company News, General Business News Tagged With: Digicel

New president at Scotia International

June 13, 2013 by IC Insider.com

Rick Waugh announces his retirement from Scotiabank effective January 31, 2014. Brian Porter, former chairman of Scotiabank Jamaica, to take on role of President and CEO effective November 1, 2013.

(TORONTO) May 31, 2013 – Scotiabank Chief Executive Officer Rick Waugh today announced his intention to retire as CEO effective November 1, 2013 after 10 years in the role and 43 years with the Bank. He will remain a Director of the Board and assume the role of Deputy Chairman of the Bank until January 31, 2014.

The Board of Directors has appointed Brian Porter to the role of President and Chief Executive Officer effective November 1, 2013. Brian was appointed to the role of President on November 1, 2012, and just prior to that was Group Head, International Banking, overseeing all of the Bank’s personal, small business and commercial banking operations in more than 55 countries outside of Canada. Brian was also Scotiabank’s Group Head of Global Risk Management and Treasury. He joined Scotiabank in 1981, and has held a variety of other management positions, including Deputy Chairman of Global Banking and Markets.

“Rick Waugh has guided Scotiabank through a period of tremendous growth, generating exceptional returns for shareholders and employees during some very turbulent times. His focus on customers, diversification, emerging markets and risk management along with his strong values, has shaped the growth and direction of the Bank over the last ten years,” said John Mayberry, Chairman of the Board.

The Board expressed its confidence in Brian Porter appointing him President in November 2012. Mayberry added, “We are pleased to take the next step in succession today by confirming him in the role of President and CEO effective November 1, 2013. Brian has a tremendous range of experience across the Bank, including the critical role of Chief Risk Officer. The Board is confident in Brian’s ability to continue to produce strong results and build on the straightforward and proven business model that has worked so well for customers, shareholders and employees.”

“I want to congratulate Brian Porter on his appointment to President and Chief Executive Officer,” said Rick Waugh, CEO, Scotiabank. “He has had an exceptional career at Scotiabank. Brian and the management team bring the right experience, values and culture to ensure our Bank’s continued success.”

“It is a distinct privilege to have been entrusted with the role of President and Chief Executive Officer, and I would like to thank the Board of Directors and Rick Waugh for their confidence in my ability to continue to deliver superior, consistent and predictable results for all of our stakeholders,” said Brian Porter, President, Scotiabank.

Scotiabank is a leading multinational financial services provider and Canada’s most international bank. With more than 83,000 employees, Scotiabank and its affiliates serve some 19 million customers in more than 55 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. In December 2012, Scotiabank became the first Canadian bank to be named Global Bank of the Year and Bank of the Year in the Americas by The Banker magazine, a Financial Times publication. With assets of $754 billion (as at April 30, 2013), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

Filed Under: Company News, General Business News Tagged With: Scotia

UDC sells hotel shares for US$11.2m

June 13, 2013 by IC Insider.com

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The Urban Development Corporation (UDC) has concluded the sale of its 50% stake in Bloody Bay Hotel Development Limited (BBHDL) to Village Resorts Limited (VRL), which owned the other 50% of the company. VRL, in response to the UDC’s offer, had expressed its desire to exercise its pre-emptive right to acquire the UDC’s shares in BBHDL in June 2011. Cabinet approved the sale of the shares to VRL in January 2013 and the sale transaction was finalized in March with the signing of an agreement on 27 March 2013.

The gross transaction proceeds realized by the UDC was US$11.2M, which included US$9.5M for the real estate and related fixed assets, and US$1.7M representing UDC’s share of cash and other liquid assets of BBHDL at the date of the sale agreement.

BBHDL’s principal asset was Breezes Grand Resort & Spa, Negril, (formerly Grand Lido Negril) a 210 suite all-inclusive property located in Negril, Hanover.

VRL secured an agreement to sell the hotel’s real property and other assets owned by BBHDL to BBNH Resorts Limited, which will further develop and expand the hotel utilizing lands acquired through the sale transaction. BBNH is an affiliate of Blue Diamond Hotels & Resorts Inc. The expansion will be in accordance with the UDC’s overall plans for the development of the area.

Blue Diamond’s portfolio of hotels also includes, in addition to Breezes Negril, the former 350-room Breezes Trelawny/Starfish Beach Hotel purchased in June 2012, which will re-open as Royalton White Sands in October 2013. With the acquisition of Breezes Negril now complete, Blue Diamond has rebranded the property as the Grand Lido Negril Resort & Spa. The same name was used by former owner SuperClubs when the company opened the resort in 1989 before rebranding it as a Breezes property in 2009.

“The Grand Lido brand has long been synonymous with top-quality accommodations, service, cuisine and beach settings. This is the first resort to be relaunched under our Grand Lido brand,” said Jordi Pelfort, managing director of Blue Diamond.

Blue Diamond is a division of the Toronto-based Sunwing Travel Group.

Filed Under: Company News, General Business News Tagged With: GOJ, UDC

Cable & Wireless email moves to Google

June 11, 2013 by IC Insider.com

Cable & Wireless (C&WJ) has announced that they are going to use Google to host cwjamaica.com email and portal services in the future. According to a message to their subscribers the company says “this is a very exciting change, as it will enable us to provide you with latest email technology through Google’s dynamic suite of communication applications.”

The company said that they expect the Google migration to be implemented within the next two months and that email addresses will not change and that the change will not impact virtual domain customers nor will it impact any aspect of their Internet connection.

“In preparation for this move, a change to your email password may be required. Once the mail services have been transitioned to Google, your email password will need to be at least eight characters. This change is necessary to be compatible with Google’s security requirements, if your password is already least eight characters, you will not need to make any change. If not, you will need to change the password before July 8th, 2013 to avoid any possible downtime during the move to Google.” the release from the company said.

The move is likely to make it easier for the company’s customers to send and receive emails, especially when overseas. Presently, when overseas, email access is through the company’s webmail service which is not user friendly.

Filed Under: Company News, General Business News Tagged With: C&WJ, JSE Company

Dividends & Insider Trades

June 10, 2013 by IC Insider.com

Seprod Limited | Declared a dividend of $0.53 per share payable on July 8, 2013 to shareholders on record as at June 21, 2013. The ex-dividend date is June 19, 2013.The previous dividend paid by the company was $0.30 per share, on November 9, 2012. Prior to this, the company paid a dividend of $0.53 per share on August 7, 2012.

Seprod reported profits for the first quarter of this year that was down on the similar quarter in 2012. Profit after tax profit slipped to $231 million compared to $292 million in the 2012 first quarter.

JPS Preference dividends | Declared quarterly dividends for the issued preference shares which will be paid on July 1, 2013 to shareholders on record as at June 14, 2013, the ex-dividend date is June 12, 2013. The following are the shares and the amounts:

Jamaica Public Service Company Limited 7% – $0.035
Jamaica Public Service Company Limited 5% C – $0.025
Jamaica Public Service Company Limited 5% D – $0.025
Jamaica Public Service Company Limited 6% – $0.03

Insider trades | Jamaica Producers Group Limited advised that two Directors purchased a total of 290,287 of the company’s shares, between May 17 & 24, 2013. Mayberry Investments Limited has also advised that a connected party purchased 29,037 shares in the company on June 3, 2013.

Filed Under: Company News, Dividends, General Business News Tagged With: Dividends, Jamaica Producers, JPS, Seprod

C&WJ announces $2.99 prepaid rate

June 8, 2013 by IC Insider.com

Following on the decision of the Office of Utilities Regulation to lower interconnection rates, from $5 to $1.10 effective July 1, Cable & Wireless (C&WJ), today announced a one rate of $2.99 per minute for all pre-paid calls to any domestic and select international numbers, effective midnight tonight.

The standard Talk EZ Prepaid customers will enjoy the $2.99 per minute rate – billed on a per second basis – for local calls as well as the USA, Canada and landlines in the U.K. The Talk EZ plan is the default option for all new LIME customers, existing subscribers may activate the plan by dialling *123*1# from any mobile phone.

Garfield Sinclair, CEO, Cable & Wireless Jamaica and Cayman revealed that the TALK EZ prepaid plan will also extend to calls made to subscribers on its rival competitors’ network, Digicel.

Coming down from $6.99 per minute – the new cross network rate of $2.99 represents a 60% reduction in the cost to call across networks for its mobile subscribers. Digicel customers currently pay up to $14.20 per minute to call the C&WJ network, the CEO said.

Sinclair further announced an offer for persons wishing to capitalize on the company’s new rate adjustment with an in-store deal that will see customers receiving a free Alcatel 296 handset and a free SIM card with the purchase of $1000 pre-paid mobile call credit. The two-day offer will be available at C&WJ stores island-wide from Friday, June 7 to Saturday, June 8.

C&WJ, which has emerged as the clear mobile value provider, announced a dramatic rate cut in on and off-network calls on June 14 last year, when the Office of Utility Regulation (OUR) issued its Interim Determination to reduce the Mobile Termination Rate from $9 to $5 per minute.

Filed Under: Company News, General Business News Tagged With: C&WJ

Jamaican Teas buys property

May 31, 2013 by IC Insider.com

Jamaican Teas advised that they signed an agreement to purchase a property located at 2 Bell Road in Kingston. The property previously housed the operations of Beal Industries which manufactured Comet Matches, which closed some time ago.

The property will be used to house the manufacturing operations of Jamaican Teas as the current facility rented at Norman Road in Kingston is inadequate to meet the company’s growth.

The property is approximately 1.5 Acres and the building is 17,000 square feet. The company expects to move in later this year after the necessary renovations are completed.

The acquisition will be funded by a combination of internally generated funds and external funding.

Filed Under: Company News, General Business News Tagged With: Jamaican Teas

JPS to raise capital in Jamaica

May 22, 2013 by IC Insider.com

Jamaica Public Service Company is to raise more long term capital on the local market. The proposal is to increase the share capital by the addition thereto of 3,500,000 Class “F” and 1,500,000 Class “G” Preference Shares. It is proposed to list the shares on the Jamaica Stock Exchange. Accordingly, a resolution to this effect is also to be considered by directors.

The company has called an extraordinary meeting to approve the issue of two new preference shares and for shareholders to give authority to the directors or a committee of the directors to determine the terms that the shares are to be issued at. The meeting will be held at the Head Offices of Limited, 6 Knutsford Boulevard, Kingston on June 5, 2013, at 10 am.

The resolutions to be considered by the meeting are as follows:

1. RESOLVED as an ordinary resolution that the authorized share capital of the Company comprised of:

– 30,315,733,190 ordinary stock units; and – 567,000 7% Cumulative Preference Shares “B” ; and – 66,500 5% Cumulative Preference Shares “C” ; and – 1,049,000 5% Cumulative Preference Shares “D” ; and – 514,000 6% Cumulative Preference shares “E” be and hereby is increased by the addition thereto of 3,500,000 Class “F” Preference Shares and 1,500,000 Class “G” Preference Shares so that the share capital of the Company will be comprised as follows:

– 514,000 6% Cumulative Preference shares “E” ; and – 3,500,000 Cumulative Non-redeemable preference Shares “F” – 1,500,000 Cumulative Redeemable Preference Shares “G”

2. FURTHER RESOLVED as an ordinary resolution that the Company be authorized to issue and/or allot Cumulative Non-redeemable Preference Shares “F” and/or Cumulative Redeemable Preference Shares “G” with rights/restrictions as to Voting, Dividends and Winding up and/or otherwise as may be determined by the Directors of the Company or a Committee of the Directors appointed for such purpose, subject always to the Articles of Incorporation of the Company, and that the Directors of the Company or such Committee be and are hereby authorised to determine all such rights and restrictions and the Directors be and are hereby authorized to allot such Cumulative Non-redeemable Preference Shares “F” Cumulative Redeemable Preference Shares “G” at such subscription price per Preference Share “F” and Preference Share “G” as the Directors of the Company or such Committee may deem fit, the same to investors accepting an invitation to subscribe for such Preference Shares “F” by way of private placement(s) of such Preference Shares “F” and/or Preference Shares “G”, or otherwise and on terms and conditions determined by the Directors of the Company, subject always to the Articles of Incorporation of the Company.

Filed Under: Company News, General Business News Tagged With: Extraordinary Meeting, JPS, Preference Shares

JMMB to acquire 100% of IBL

May 17, 2013 by IC Insider.com

Jamaica Money Market Brokers Limited (JMMB) has advised of its intention to acquire 100% of the shareholdings in Intercommercial Banking Group Limited (IBL Group). JMMB currently owns 50% of the shares of IBL Group which comprises Intercommercial Bank Limited and Intercommercial Trust and Merchant Bank Limited. The IBL Group is based in Trinidad and Tobago.

Last year JMMB acquired all the shares of Capital & Credit Financial Group which increased the assets and profits of JMMB. The full acquisition of IBL was slated from as far back as 2012, when the selling shareholder indicated their desire to sell. This acquisition is in line with JMMB’s plans to be a dominant player in a number of the Caribbean countries. The group has acquired entities in the Dominican Republic and could well make further inroads there in the future. It is felt that there are many opportunities in that country for expansion by acquisition for the group.

JMMB is expected to report full year’s profit by the end of this month. At the end of December 2012, JMMB made a net profit of J$3.19 billion and earnings per share of J$1.95 for the nine month period ended 31 December 2012. The results include a one-off gain of J$1.61 billion from acquisition of Capital & Credit Financial Group. JMMB will likely be hit with a big charge for the debt swap of government bonds thus negating the gains made from the CCFG acquisition.