The Lagoon townhouses Cayman

November 29, 2022 by

The Lagoons in Georgetown, Cayman Islands.

The Lagoon townhouse complex in the Cayman Islands, a joint venture development between Proven REIT Limited and Infinity Capital Partners, is slated for completion and delivery of units in early 2023, a spoke person for Infinity Capital Partners advised ICIsider.com.
The complex comprises 13 residential units comprising nine two-bedroom and four three bedrooms townhouses in Georgetown, the capital of the country are all sold.
The units were priced at CI$520,000 for the two-bedroom units and $675,000 for the three-bedroom units. That amounts to US$624,000 and US$810,000. Converted to Jamaica dollar, put prices at JS$960,000 and J$1.247 million. The unit sizes range up to around 1,600 square feet for the three-bedroom units and slightly less for the two-bedroom units.

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Republic Bank lands closer to Jamaica

October 26, 2018 by

Republic Bank traded at a 52 weeks’ high.

There has been rumors that Trinidad and Tobago’s Republic Financial is eyeing Jamaica to set up some form of operation. The name was initially mooted earlier this year, when the financial market was abuzz with an ownership change.
Boxed in by the tight economy in its own base of Trinidad and Tobago, Republic is on the prowl and Jamaica with the brightest economic prospects since the 1960s, cannot be off their radar. Keep a watch on this space.
In 2015, they bought the majority shares in HFC Bank in Ghana, they announced last week that as of the end of business on Friday, 12 October 2018, they received acceptances for a total of 22,934,246 ordinary shares of Cayman National, representing 54.15 percent of the ordinary shares, making them a subsidiary of the republic group.
In September, Republic made an offer to acquire a minimum of 51 percent and up to 74.99 percent of the ordinary shares of Cayman National to their shareholders at US$6.25 per share. The consummation of the acquisition remains subject to certain other conditions including, without limitation, receipt of necessary government and regulatory approvals. Republic stated that it is committed to purchase up to 74.99 percent of the ordinary shares of Cayman National. The Offer was scheduled to expire on Monday October 22 but is extended to Monday November 12, 2018, pursuant to the rules of the Cayman Islands Stock Exchange, and to accommodate an Extraordinary General Meeting of the shareholders of Cayman National to be held on Wednesday, 7 November 2018 to amend the articles of the bank.
The Republic Financial has off shore operations in Cayman Islands since 1992. Republic Bank (Cayman) is a private bank offering a comprehensive wealth management service to its clients.
Republic reported profit of $343 million for the June Quarter up from $328 million in 2017 and for the nine months to June $993 million versus $959 million in 2017. Shareholders’ equity stood at $9 billion and total assets of $70 billion with loans advanced to customers of $36 billion. As of June this year, Cayman National Bank had CI$1.56 billion with shareholders equity of $114 million. Profit was $16.4 million up strongly from $11.7 million in 2017. Republic purchased the shares at a PE around 10 times 2017 earnings and that should translate to a higher stock price for republic that sells around a PE of 13 currently. Republic will be able to cut operating cost at the new subsidiary as they can share in certain services that are common to both entities.

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Cayman could be lucrative for Grace

November 30, 2015 by

Grace HSt Grace Kennedy Money Services will be expanding operations into the Cayman Islands through GraceKennedy Money Services (Cayman) Limited (GKMS Cayman), a member of the GraceKennedy Group and authorized agent of Western Union, CEO Don Wehby announced recently.
With this new market, Grace Kennedy through its money services subsidiaries now represents Western Union in ten countries across the Caribbean, the other nine being . Jamaica, Trinidad and Tobago, Guyana, St. Vincent and the Grenadines, St. Kitts and Nevis, Antigua and Barbuda, Anguilla and Montserrat and the British Virgin Islands. The market should be quite lucrative for the Grace Kennedy group, as it is the fourth largest country from remittances into Jamaica with US$124 million entering the island from the tiny group of island, according to Bank of Jamaica data, but the market could be a challenging the going forward with concern about money laundering within the region.
Scotiabank will be partnering with Grace Kennedy and Western Union to deliver money transfer services to the residents of the Cayman Islands.
GKMS Cayman will initially have a total of four locations in Grand Cayman and one in Cayman Brac, all opening Monday to Saturday. “There is a vibrant community in the Cayman Islands and we look forward to not only welcoming our new customers into the GKMS family, but working with all stakeholders and contributing to the development of their communities,” Allen added.

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