Jamaica Observer

Tourism drives Jamaica’ GDP to 4%

March 25, 2019 by IC Insider.com

Big increase in visitor arrivals in the first quarter of 2019 set to give Jamaica’s GDP a big lift in the quarter.

The huge increase in tourist arrivals in the first quarter of 2019 is likely to result in a 4 percent growth in the country’s gross domestic product (GDP) for the first quarter of the year, data compiled by IC Insider.com suggest.
While the category of Hotels and Restaurants that tourism sector falls only accounts for around 7% of total GDP, the huge increase in stop over arrivals being enjoyed by the sector in the March quarter, will most likely more than compensate for its size in GDP computation and could add as much as one percentage point, to the quarter’s growth.
According to the Jamaica Tourist Board, “stopover arrivals in January 2019 were 216,509 an increase of 11.3% or 21,900 additional arrivals over the 194,609 recorded in January 2018.” Importantly, the arrivals from USA, the country with the high tourism spend is up 20 percent and would have contributed more in inflows as a result of the higher spend even as number of nights they stayed slipped a bit form 2018.

Construction sector is also expecetd to continue to lift the economy in 2019.

February, is up by 14.9 percent, Minister of Tourism Edmund Bartlett told The Sunday Gleaner and reported by that publication on March 3. The Jamaica Observer stated, “data provided by Delano Seiveright, communications strategist and advisor in the Ministry of Tourism, show that total visitor arrivals for the period March 1-17 amounted to 148,052, a 24.8 percent increase over the 118,597 recorded for the same period last year. Breaking down the numbers, Seiveright said that for the period March 1-17 this year Montego Bay welcomed 125,069 visitors, an increase of 22.7 percent compared to 101,967 for the same period last year, while the numbers for Kingston were 22,983, up 38.2 percent over the same period last year.”

Filed Under: Breaking News, Economy, Feature Stories Tagged With: Gross Domestic Product, Jamaica GDP, Jamaica Gleaner, Jamaica Observer, Jamaica Tourist Board, Tourism arrivals 2019, Tourism sector

Elite Diagnostics IPO is now here

January 14, 2018 by IC Insider.com

The initial public offer for Elite Diagnostics will open on January 22 at a price of $2 per share, with the issue scheduled to close on January 29, an advertisement in the Jamaica Observer indicates.
A total of 70.68 million shares are offered to raise $141 million. The shares are expected to be listed on the Junior Market of the Jamaica Stock Exchange, if the issue is successful and will bring the total company listings on the Junior Market to 35 and the total listings to 39 and the total listings on the entire exchange to 96.
The proceeds from the offer will be used for expansion. The company operates from Holburn Road in Kingston and now have a new office on Hope Road. The 5 year old company provides imaging and Diagnostic Medical Facility offers services such as MRI, CT Scan, X-Ray, Ultrasound and Fluoroscopy.
The offer which was expected in December last year, is one of nine the Jamaica Stock Exchange expects to list in 2018. Elite will be the second medical related company to seek to list on the Jamaica Stock Exchange Junior Market and the second within two months. One doctor when quizzed about the company informed IC Insider.com that the company is recommended highly from a professional viewpoint, due to the high level of professional skills the team posses.
IC Insider.com will provide a detailed review and recommendation when the prospectus is posted on the Jamaica Stock Exchange on Monday.

Filed Under: Company News, Initial Public Offers Tagged With: Elite Diagnostics, Jamaica Observer, Jamaica Stock Exchange

Neveast the next office supplies IPO

July 30, 2017 by IC Insider.com

It was a big giveaway for those familiar with companies prepping for listing, by way of a pending initial public offer of shares. The Jamaica Observer newspaper on Wednesday, July 26, carried an advertisement for Neveast Supplies Limited, telling readers that they were celebrating 55 years of service to its customers.
The advertisement also stated that they were leader in stationery, office furniture and office supplies. In true Jamaican nationalistic style, the advert was rapped in the black, green and gold of the Jamaican flag, no doubt in synch with the 55 years of independence celebration this year.
Industry players say, they may be one of the biggest in stationery and office supplies but not of the office furniture and fixtures. Regardless, checks by this publication with persons knowledgeable about the company’s future plans, confirmed that they are likely to be the next stationery and office equipment to list on the Junior Market of the Stock Exchange. Recently, competitor Stationery and Office Supplies concluded a successful initial public offering of shares that were several times oversubscribed and are set to be the first to list when trading in the stock is expected to commence on August 9.
The brokers to the issue when it does take place, will be Mayberry Investments. Our sources state that they have been contemplating this move from at least 2016, but there are a few issues that need sorting out and should definitely be going to the market to raise capital and be listed before the end of 2017.
According to the company’s website, Neveast Supplies Limited is a family owned Jamaican company that started in 1962 when Founder, Neville East, decided to service the country’s stationery needs. Through market penetration and the help of his wife, Pamela, Neveast Supplies Limited expanded operations to include the supply of office and systems furniture.
Today, the second generation of Easts are at the company’s helm to oversee the daily operations. Sons, David, Paul and Gregory together with thirty-two other members of staff are devoted to the company’s success and ensure that Neveast remains the leader in office furniture and supplies with competitive prices on high quality products and efficient company service.
Neveast continues to be the authorized local distributor for international brands such as Teknion Inc, Global Upholstery Inc, MIN Office Furniture, Godrej, Aurora, Moderco, Virco, and a host of stationery manufacturers from across the globe. With its headquarters located in Kingston, the company’s distribution network covers the entire island of Jamaica and recently includes coverage in neighboring Caribbean countries.
IC Insider.com has been reliably informed that Mayberry Investments should be brokering another two public offers by the end of September and possibly a third by the end of 2017, while there are listings being worked on by other brokers.