Company News — Page 151

Derrimon not over by much

December 4, 2013 by IC Insider.com

Derrimon Trading Company, the Junior Market’s latest IPO was oversubscribed having closed on the morning the issue opened. Data released by the broker to the issue Mayberry Investments indicate that there was just a relatively small over subscription. The broker confirmed today that the company has completed all applications in respect of the Initial Public Offering.

The bases of allotment | Board Reserved Applications, Employee Reserved Applications, Mayberry Clients Reserved Application and Key Partners Reserved Applications were fully allocated and the Public pool receives the first 50,000 shares in full and amounts and approximately 77.622% were allocated for excess amounts applied for over 50,000 units.

The amount of shares that were available to the general public was only 8,568,486. The amount suggests that the level of oversubscription did not exceed 1.7 million units.

Related Posts | Derrimon Trading, high risk low returns

Filed Under: Company News, Initial Public Offers, JSE Main Market, Stock Market Tagged With: Derrimon Trading, JSE Company

Scotiabank named Bank of the Year

December 2, 2013 by IC Insider.com

Kingston, November 29, 2013 | Scotiabank was today named the Bank of the Year in Jamaica by The Banker magazine, a Financial Times publication. Scotia Bank is an IC Insider Buy Rated Stock.

“Scotiabank is pleased to be recognized as Bank of the Year for maintaining a strong track record of delivering superior results,” said Jacqueline Sharp, president and CEO. “This award is a testament to the hard work and dedication of our exceptional employees in helping our customers discover opportunities in a changing world.”
The Banker selects winners based on their ability to deliver shareholder returns and gain strategic advantage. The magazine is the world’s longest running international banking magazine, recognized as a leading source of information on finance and investment around the globe.
“Scotiabank has had a proud presence in the Caribbean for close to 125 years and today we have the largest presence of any financial services company in the region,” said Bruce Bowen, Scotiabank’s Senior Vice President for the Caribbean Region. “We have achieved our success by helping our customers discover what’s possible with their finances.”
Scotiabank’s Caribbean operations have been recognized with numerous awards year for their strength and stability as well as products and services, including:

Best Bank in Jamaica 2013 – Euromoney Magazine
Best Consumer Internet Bank 2013 – Global Finance
Best FX provider 2013 – Global Finance
Best Emerging Markets Bank – 2013
Bank of The Year in the Caribbean from LatinFinance;
And in 2012, The Banker named Scotiabank Global Bank of the Year and Bank of the Year in the Americas.

About Scotiabank | Scotiabank has been in Jamaica since 1889 and is the premier financial institution in the country with just over 2,000 employees and 34 Branches Island wide. Scotiabank is a subsidiary of Scotiabank Group which offers a diverse range of products and services including personal, commercial, and small business banking; wealth management; insurance; and mortgages. The Group is an award-winning institution having been named on numerous occasions as the Bank of the Year and Best Bank in Jamaica by international financial publications – the Banker, Latin Finance, Euromoney, and Global Finance magazines. The Scotiabank Group has $389 billion in assets (as at Oct 31, 2013). For more information please visitwww.jamaica.scotiabank.com.

Related post | Scotia reports record profit

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

Scotia reports record profit

December 2, 2013 by IC Insider.com

Scotia Group Jamaica (Scotia Group) today reported record profit for the year to October 2013 of $11.92 billion compared to $10.58 billion for the same period last year. The banking group best other year was in 2009 when they reported $11.15 billion, but reported lower profits since until 2013.

It’s ironic that the group is enjoying one of their best year after having taken an almost $400 million hit when they participated in the government debt swap program. For the last quarter to October, net profit was $3.22 billion, $160 million above the previous quarter ended July, 2013 and $595 million above the quarter ended October 2012.

Earnings per share (EPS) for the year was $3.70 compared to $3.26 for the same period last year. The company reported $1 per share in earnings in the October quarter. Return on average equity was 16.88 percent, up from 15.56 percent last year.

Total operating income rose to $41.37 billion, a 6 percent increase over $39 billion generated in 2012.

Net interest income | Net interest income, after impairment losses for the period, was $22.85 billion, up $740 million or 3.35 percent when compared to the same period last year. Loan loss expense increased by $168 million when compared with prior year.

Other revenue | “Other revenue for the twelve months was $11.39 billion, up $2.28 billion or 25 percent compared to 2012. This was due primarily to increased insurance revenue, fee and commission income, as well as higher gains on our foreign currency trading and investment book. Net fee and commission income increased 10 percent, due to increased account and transaction volumes in our retail and commercial portfolios, as well as, growth in our mutual funds and unit trust business” the company stated.

Expenses | “Salaries and staff benefits reflect a reduction of $126 million this year, as it includes a higher actuarially determined net credit of $1.19 billion in relation to our defined benefit pension, group life and health plans. The salaries and staff benefits expense, excluding the post retirement credit, increased by $1.06 billion or 12.22 percent year over year” the company reported. Other operating expenses grew much faster than income at 26 percent to reach $7.14 billion in the year.

Credit quality | “Non-performing loans at year end totalled $4.49 billion, reflecting a decrease of $60 million from prior year, and a decrease of $209 million from the previous quarter ended July 2013 as recoveries increased during the period. Total NPLs now represent 3.29 percent of total gross loans compared to 3.65 percent last year and 3.51 percent as at July, 2013. The Group’s aggregate loan loss provision as at October 31, 2013 was $4.5 billion, representing 100 percent coverage of the total nonperforming loans,” the Group’s management stated.

Balance sheet | Total assets increased year over year by $31 billion or 8.68 percent to $389 billion at October as the Group enjoyed growth in loan and deposit volumes over the period. Loans grew by $12.3 billion to close at $134.8 billion. Cash resources increased by $22 billion primarily as a result of the growth in deposits. Total customer liabilities (deposits, repo liabilities and policyholder’s funds) grew to $296 billion, an increase of $23 billion over last year.

Capital | Total shareholders’ equity grew to $72.8 billion, $5.2 billion above prior year.

Scotia Group has maintained its Buy Rated status as IC Insider projects earnings for 2014 to end up around $4.50. The stock, priced under $18, is already very cheap based on 2013 earnings. With the recently announced dividend of 40 cents per share, the yield is over 9 percent.

Filed Under: Company News, Company Results Tagged With: JSE Company, Scotia

Exponential 235m IPO share offer

December 1, 2013 by IC Insider.com

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Stock markets were created for the very thing that Exponential Holdings is trying to do, raise funds for a start-up operation.

The company plans to raise $479 million in an offer that opened on November 25 and is scheduled to close on December 9 of this year. Justin Nam, the CEO, says the minimum subscription needed for the listing is 150 million shares of which the founding members will contribute 82.5 million of it.

The company started planning the IPO from 2012 and was delayed until now. Exponential has no track record and the only other start-up to come to the market, C2W Music, has been a disappointment with virtually no income since it was listed in 2012. The recent memory of the music company’s failure to perform could divert some interest from this issue. Exponential is an investment company with focus on identifying what they see as good opportunities in the global market to make money. Unlike the C2W, Exponential can make money from start with funds placed in income earning assets and low overhead cost.

Subscriptions should be for multiples of 100 Shares subject to a minimum of 2,500 Shares. 75 million Shares are reserved for the members of the Founding Team and Team Affiliates at J$2.00 each. If the Reserved Shares are not fully subscribed, they will be available for subscription by the general public.

Application has been submitted to the Board of the Jamaica Stock Exchange for the whole of the issued ordinary share capital of Exponential to be listed on the Junior Market.

The Company incurred certain expenses in respect of office rental, Lead Broker’s mobilization fees, office overheads and consultancy fees paid to Jaїr Minott and André Hartley and are not expected to exceed J$10 million. These expenses were paid, on behalf of the Company, by members of the Founding Team and will be discharged by issuing no more than 5,000,000 ordinary shares to them at the subscription price of J$2.00 per Share.

In addition, the Company has been incurring legal, accounting and financial advisory fees in connection with the IPO transaction contemplated by the Prospectus. It is anticipated that such costs shall not exceed J$20 million. If the IPO is successful, those expenses will be paid out of the IPO Proceeds.

The Company proposes to invest and hold up to 75% of the net IPO funds raised in equities and the remainder in fixed income securities and cash.

Operating expenses | The Company will bear normal office overheads and will pay a management fee in the form of salaries limited to two per cent (2%) per annum of the Average Net Asset Value of the Company’s investment portfolio to the Employee Group led by Justin Nam, who will manage the Company’s investment portfolio and provide all requisite administrative and management services except for accounting and internal audit services. The Founding Team, which comprises the current Directors, will be paid an annual performance fee of twenty per cent (20%) of the amount by which the Return on Opening Equity (expressed as a percentage) exceeds the Hurdle Rate (being the return of the S&P GLOBAL 1200 for the financial year.)

Exponential expects to earn income from dividends and interest paid on the shares and debt securities comprised in its investment portfolio and from trading securities comprised in the portfolio. Absent of untoward events such as market turmoil, the Company expects to deliver net profit in the region of J$62 million to its shareholders for the first full year of operations based on net interest income and other operating revenue of some J$94 million. The majority of this revenue is expected to be derived from realised capital gains on the Company’s equity portfolio, profits from private equity investments and interest income from the Company’s fixed income portfolio.

The prospectus states that each potential investment identified by the management of the Company will be subject to rigorous and careful analysis and will have to be approved by the Company’s Investment Committee before it is added to the Company’s portfolio.

A great deal of success for this company will be dependent on the individuals managing the funds and making the decisions surrounding investing and disposal of investments. The selection and appropriate timing of investing are critical components of success. Nam has a number of years experience both at Dehring Bunting & Golding and at Proven Investments.

Filed Under: Company News, Initial Public Offers, JSE Main Market, Stock Market Tagged With: Exponential Holdings

Eppley preference shares over

November 30, 2013 by IC Insider.com

30th November, 2013 | Eppley Limited announced that a total of 303 applications were received for the recent public offer of 50 million preference shares valued at approximately J$361.95 million.

As the Invitation was oversubscribed, the Company intends to exercise its right to issue further preference shares by allotting 60,325,600 to all applicants who will receive 100% of the amount of the Shares they applied for.

28th November, 2013 | Eppley’s Invitation for Subscription to 50 million Cumulative Redeemable 9.5% Preference Shares at J$6.00 each has been oversubscribed the company reported today.

The offer opened on Wednesday, 13th November 2013 and was closed on the closing date, Wednesday, 27 November 2013.

The Company had reserved the right to make available further Preference Shares prior to the Closing Date but IC Insider understands that this option was not exercised.

Related posts | Profit up 92% for Eppley

Filed Under: Company News, General Business News, JSE Main Market, Stock Market Tagged With: Eppley, JSE Company, Preference Shares

Honey Bun’s profit falters

November 29, 2013 by IC Insider.com

Honey Bun’s last quarter profit got burnt with a $10.5 million loss compared to a small profit of $490,000 for the same period in 2012.

For the full year to August this year, profit fell from $41.5 million to $35.3 million with sales revenues climbing to $712 million from $611 million in 2012. For the quarter, sales rose from $154 million to $163 million hardly enough to cover increased cost. Rising cost and inability to price the products to recover increases in expenses is at the heart of Honey Bun’s 2013 problems that lead to lower profits. For while revenues climbed 14.8 percent for the year, direct cost climbed even faster at 18.8 percent. The increased cost meant $28 million of potential profit just evaporated as a result of not being able to pass on the full cost to customers. Compounding the problem, administrative and other cost rose much faster than revenues by 20 percent to $174 million and selling and distribution cost was contained to an increase of only 8 percent to $90 million. Finance cost at $2.9 million was almost flat.

Image courtesy of dplanet/FreeDigitalPhotos.net

The company may be able to recover some, if not all of the cost increase, during the coming year. Movement in the local currency which would have had a major impact on cost in the 2013 fiscal year should moderate going forward and with signs of stability in the economy and some green shoots of growth showing, the next twelve months should be better for them.

IC Insider is forecasting earnings of $39 million or 42 cents per share for 2014 and 65 cents per share in 2015.

Historical | Gross profit for 2013 increased by 9.7 percent and is the lowest since 2008 when it grew by 12 percent. The gross profit margin for the latest year is not the worst; it is only 2 percentage points below 2011 and well above 66 percent in 2010 and is in line with 2006 and 2007. Profit performance has been less than predictable. In 2007, pretax profit came out at $23 million and decreased to $18.7 million generated in 2008, climbed to $45 million in 2009 but fell to $26 million in 2010 with 2011 enjoying an increase to $37 million; then it was up to $42 million in 2012 only to fall back in 2013.

Finances | Notwithstanding the lowered profited out turn, the company’s finances improved during the year. Shareholders equity improved by $20 million to reach $291 million and borrowed funds was $26 million up from $20 million in 2012. Net working capital increased from $61 million to $98 with cash and bank balances reaching $78 million. Receivables climbed by 40 percent to $78 million and payables by 87 percent to $75 million.

IC Insider outlook | The stock is priced at $3 with a PE of 8 times earnings and is in line with a number of other junior market companies. At best, Honey Bun is currently a stock to watch. It will need increased sales volume to make it to our Buy Rated stock list when compared to others with a better potential for gains.

Filed Under: Company News, Company Results Tagged With: Honey Bun, JSE Company

Blue Power profits continue up

November 29, 2013 by IC Insider.com

Blue Power recorded 33 percent increase in sale revenues to $275 million for the October quarter this year compared to $208 million for the same period last year. The Lumber Depot division achieved sales of $191 million versus $135 million the previous year, an improvement of 42 percent while the Blue Power Soap Division saw sales moving up from $73 million to $84 million for an increase of 15 percent.

Profits for the quarter came in at just over $25 million compared to a shade under $19 million in the same period last year, an increase of 34 percent. The contribution of Lumber Depot contributed over $11 million, improving by 80 percent over the same period in the previous year while Blue Power division added $14 million which was an improvement of 10 percent over the second quarter of 2012. Earnings per stock unit improved from 33 cents to 45 cents in the quarter, an improvement of 36 percent.

Sales grew 18 percent for the six months ended October to $521 million compared to $440 million for the same period last year of which the Lumber Depot division contributed $367 million versus $289 million the previous year, an improvement of 27 percent while the soap division moved up from $152 million to $154 million, an increase of only 2 percent.

Profits increased by 26 percent for the six months to $55 million compared to $44 million in the same period last year. $29 million of the profit for the half year came from the Lumber division for a strong 49 percent increase over the same period in 2012 while Blue Power contributed $26 million which was an improvement of 8 percent. Earnings per stock unit moved from 77 cents to 98 cents in the period, an increase of 27 percent. IC Insider is forecasting earnings for the full year to April 2014 at $2.30 per share and $2.85 for the 2015 fiscal year. The stock remains BUY RATED.

Cost | The group has been able to keep administrative cost under control with figures for the six months showing a slight fall of $1.4 million to end at $62.3 million, while the latest quarter saw a rise of $3.8 million to $34.3 million, a 12 percent increase.

With the shift of increased sales to lumber division, margins shanked in the October quarter to 26.3 percent from 30.3 percent in 2012 and for the year to date 27.3 percent versus 31.2 percent in 2012.

Finances | The group was in a strong position at the end of October with cash funds $126 million, which is down from April’s $145 million, but more funds are now reflected in receivables and inventories which are up by $30 million and $22 million respectively. At the same time payables declined by $11 million. Shareholder’s equity rose to $392 million at the end of the latest quarter.

Blue Power is an IC Insider Buy Rated Stock

Filed Under: Company News, Company Results Tagged With: Blue Power, JSE Company

Teas profit up 32 percent

November 27, 2013 by IC Insider.com

Jamaican Teas just reported a 32 percent rise in profit for the year to September from a 49 percent jump in sales. The company earned profit attributable to the group’s shareholders of $99 million for the year versus $75 million in 2012.

For the last quarter, the group reported profit of $23 million compared $6.2 million in the similar quarter in 2012. The results for the quarter reflect the booking of revenues resulting from the completion of the real estate development and sales of all but two of the units. The 2012 last quarter figures were negatively affected by an adjustment for impairment to an investment amounting to $9 million.

Sales up | The Group recorded improvement in sales for the year increasing by 49 percent to $1.23 billion versus $824.5 million in the prior year. This was due to mainly increased supermarket sales, a strong 46 percent growth in export sales and income from sale of units in the real estate development.

While sales for the manufacturing division were up 26 percent for the year they were only up 5 percent for the latest quarter partially due to flat exports, which was affected by the termination of the sale of coffee that was included in last year’s figure while there were none in the latest quarter.

Image from Behance.net

The sales performance was also helped by Caribbean Dreams’ Jamaica Blue Spring Water, which was introduced shortly before the commencement of the start of the fiscal year.

Sales at the Kingston supermarket in last quarter were up on the similar quarter in 2012 by 15.8 percent and up by 20 percent for the financial year.

Investments | The group holds $140 million including stocks and bonds and generated income of more than $30 million from them during the year. The amount is a part of other income which amounted to $40 million versus $23 million in 2012.

The group absorbed losses of $4.8 million in the latest quarter for the associated company that operates a supermarket in Montego Bay and a loss of $11.3 million versus $8.4 million for 2012. The company made $2.5 million adjustments to differed tax assets during the year based on the change in tax rate to 25 percent thus increasing the loss for 2013 by that amount.

Cost increase | Administrative cost rose by 20 percent to $86.5 million and distribution and marketing cost rose 69 percent to $30.4 million. The admin cost rise is partially due to the booking of the full year’s cost for the supermarket in Savannah La Mar versus only part year cost in 2012 and increased labour cost. Finance cost rose from $8.36 million to $11.3 million due in part to increased borrowings to fund the real estate development and the acquisition of the new factory building.

Statement of Financial Position | Inventories increased mainly as a result of increased cost of inputs and the cost of inventories at the supermarkets due to rising local cost flowing primarily from the devaluation of the Jamaican Dollar. The receivables rose sharply due to pending completion of sales for the apartments sold and increased export sales, especially the last two months of the financial year, causing in the total due from overseas’ customers to rise.

Borrowings | Borrowings jumped from $113 million in 2012 to $245 million at the end of 2013 financial year but this was effectively $162 million as $83 million represented a loan that was kept as a bank deposit for a short time after the year end. The increased borrowings related to the development of the apartment complex and funding of the purchase of the property to house the factory for the manufacturing operation. Subsequent to the year end, most of the short term borrowings were either paid off or converted into long term loans. The amounts used in the funding the construction of the apartment complex were fully liquidated after the year end. Jamaican Teas issued 5 year bonds amounting to $105 million, fixed at 8.5 percent for two years after the balance sheet date. The funds will be mostly used to fund the company’s next real estate development. At the end of the year, shareholder’s equity stood at $596 million, a $85 million increase over 2012.

Outlook | “We expect to build on the foundation created to date. New lines were recently added that will positively impact sales and profit in the new fiscal year. We expect that our latest real estate development planned for St Thomas will contribute positively to profit during the year. Our expectations are that export sales should continue to perform well and so far the local market seems to have stabilized.” Management stated in their release to shareholders.

If the company successfully executes the new real estate development and sales in the other segment continues to grow at close to that of the last year, then the group should go on to see another record year of profit in 2014.

Jamaican Teas is an IC Insider Buy Rated stock.

Filed Under: Company News, Company Results Tagged With: Jamaican Teas, JSE Company

Derrimon Trading, high risk low returns

November 26, 2013 by IC Insider.com

Derrimon Trading Company is a name not known to the vast majority of Jamaicans but that may change if the company succeeds in raising just over $150 million from a public issue of shares in December.

A cursory look at the company’s finances quickly indicates why it needs the infusion of funds; margins are low at around 10 percent and working capital is weak with the current assets ratio at 1.2:1, which is considered very weak and well below a 2:1 ratio. Unfortunately, the new capital while it will improve the ratio, will not be enough to lift it to where it should be.

Cost continues to grow sharply with Admin up 30 percent to August this year and selling and distribution up 25 percent. These compare with revenue growth of just 13 percent. Quite a bit of profit is coming from other income including investment and rental amounting to $21.8 million in 2013 and $24 million in 2012 to August and $36 million for the 2012 calendar year to December. Before interest cost, the main operations reported a $9 million profit. Admittedly, this is after making provisions for inventory loss of $18 million and doubtful debt provision of $9 million.

In 2012, the supermarkets had gross profit around 20 percent but the distribution margin was only 7 percent and wholesale 11 percent. Revenues with low margins make up 92 percent of sales in 2012. The average number of persons employed full-time by the Company during the year was 135 (2011 – 96), while part time employees averaged 17 (2011 – 14). Cost relating to staff rose from $96.76 million in 2011 to $146.5 million an increase of 51 percent with the staff numbers going up by 38 percent.

Profits | Financial statements to August show profit of $51 million pretax and $35.7 million post tax or 18 cents per share, annualized around 25 cents. Gross profit margin is just over 10 percent for 2013 up from 8 percent in 2013 for similar period and 9.5 percent for all of 2012.

The company reports profit for 2008 to 2013 rising from $8.4 million pretax profit in 2008 to $8.1 million in 2009; $17.5 million in 2010; $36 million in 2011 and $25.3 million in 2012. While there was big foreign exchange gain in 2011 there was a big loss in 2012. Revenues have moved rapidly upwards from $807 million in 2008; it reached $1.48 billion in 2009; $2.46 billion in 2010; $3.35 billion in 2011 and $4.76 billion in 2012. The rapid rate of growth seems to have slowed in 2013 with sales of $3.756 billion to August, versus $3.32 billion for the same period in 2012, a 13 percent increase compared with 43 percent in 2012 and 36 percent in 2011.

Tax free | As a junior market prospect, profit will be tax free for 5 years if listed. Hence, the valuation should be based on pretax profits. For 2013 excluding tax, earnings would be in the order of 32 cents per share assuming no major negative development occurs in the last 4 months of the year to reduce the level of profitability. Using Lasco Distributors with a PE ratio around 7 as a guide, we would price the stock around $2 each, just about the issue price to the public. Paramount Trading may even be a better guide with a PE of 5 times earnings, which would place Derrimon stock price value at $1.80. These numbers suggest that investors should not be running for this one looking for any potential gains in the short term. At best, it will be in the future.

The 73,336,067 ordinary shares that are available will not see much going into the public’s hands with an allocation of just 8,568,486 shares. Board Reserved Shares amount to 25,693,590, which has been effectively taken up by the conversion of loans made to the Company amounting to $52.67 million. Others include Employee Reserved Shares: 4,878,049; Key Partners Reserved Shares: 12,195,122 and Mayberry Clients Reserved Shares: 22,000,820. The Invitation will open at 9:00am on Monday, 2nd December and is slated to close at 4:00pm on Monday 9th December 2013. Applications from the general public must request a minimum of 2,000 shares and be made in multiples of 1,000.

About the company | Derrimon Trading was founded in 1998 by Derrick and Monique Cotterell. The business began to grow in earnest in 2002, when the Company was appointed as a regional co-distributor of Nestlé Jamaica for Kingston & St Andrew, St Catherine and St Thomas. In 2009, the Company acquired the business of Sampars Cash and Carry, one of the largest wholesale businesses in Kingston in order to increase the portfolio of products and to extend its market reach. More recently, the Company has introduced a line of exclusive branded products under the ‘Delect’ name. The new range includes rice, canned mackerel, tomato ketchup, vegetable oil, cornmeal and other products.

Since 2009, the Company’s operations have been based at its principal premises at 235 Marcus Garvey Drive. This location provides the Company with 100,000 square feet of warehouse facilities including cold storage over some 3.5 acres of property, which is strategically located close to both Kingston Wharves and key distribution routes to the Company’s various markets. In support of its operations, the Company engages a contracted fleet of over 60 delivery trucks to deliver the Company’s products to customers.

Use of proceeds | The company says it intends to use the proceeds of the Invitation for the following purposes:

Expansion of Sampars business, with further wholesale and retail outlets;
Enhancement of the Company’s wholesale/retail business software platform;
Provision of working capital support to the Company’s distribution business;
Retirement of a portion of the Company’s debt, including certain Directors’ loan;
Pay the expenses of the Invitation out of the proceeds, estimated not exceed $9.5 million.

Directors | Executive Directors: Derek Cotterell (Chairman), I. Kelly (Finance), W. Thomas (General Manager). Non-Executive Directors: Monique Cotterell, Earl. A. Richards, Alexander Williams.

A number of the directors has had several years’ experience with Grace Kennedy in the distribution business.

IC Insider outlook | At the current state of the local stock market, this one seems to be better watched from the side lines than on the field of play.

Filed Under: Company News, General Business News, Initial Public Offers, JSE Main Market, Stock Market Tagged With: Derrimon Trading, Sampars

Jamaican Teas lists corporate bond

November 25, 2013 by IC Insider.com

Monday, 25th November 2013 | Tanisha Samuels, Assistant to CEO John Mahfood, inserts the Jamaican Teas fixed & variable rate banner in the slot on the Jamaica Stock Exchange board prior to the start of trading today. To her left is the John Mahfood, the company’s CEO.
In today’s trading 1,000 units traded at $99.50 per 100 units.

Related posts | Jamaican Teas raises over $100m