Strategic Through Knowledge

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NFE financing gets approved

Following the announcement of the deal between Sagicor Group Jamaica Limited (SJ) and New Fortress Energy Incorporated (NFE) last June, the US$285-million ($44.18-billion) bond raise for NFE South Power Holdings Limited (SPH) has received all regulatory approvals and will move on to phase two of the transaction. SPH was formed in 2016 to own and operate […]

SLEEPING WATCHDOGS: KSAMC, NEPA slammed as developer almost triples rooms in building breaches

There are more questions about negligence or possible corruption at the Kingston and St Andrew Municipal Corporation (KSAMC) and the National Environment and Planning Agency (NEPA) following a court case that revealed that a developer built 32 bedrooms at a St Andrew development approved for just 12. In ruling against the developer’s quest to change […]

Proven REIT and SAJE ink new joint venture

PROVEN REIT Limited (PREIT) announced on December 14 that it has joined forces with SAJE Logistics Infrastructure Limited (SAJE) to develop a new warehouse complex in Kingston. The Kingston Gateway Warehouse Complex will sit on just under four acres of land at 221-223 Marcus Garvey Drive. Cost at US$13 million, the development is targeted at […]

VAX APPEAL: Claimants intend to contest Supreme Court rejection of constitutional breach in mandate case

The five employees of pharmaceutical giant Cari-Med, who yesterday suffered a major blow in their bid to challenge the company’s vaccination policy after the Supreme Court threw out the constitutional aspect of the legal challenge, have signalled…   READ MORE AT THE GLEANER

Sygnus Capital raises $3.1 billion to support itel expansion

Sygnus Capital Limited has successfully raised $3.1 billion by way of a private placement of bonds for Jamaican-based Outsourcing Management Limited (OML) trading as itelbpo, as part of the global expansion of the Jamaican-grown business process outsourcing (BPO). Sagicor Investments Jamaica Limited joined as co-arranger for the transaction. Sygnus Capital, a subsidiary of Sygnus Group, […]

Supreme Court to hear Cari-Med, AIC vaccination matters early November

The Supreme Court is moving quickly to settle on whether it will grant injunctions sought by employees of two companies against the imposition of mandatory COVID-19 vaccination policies. Today, a judge set full one-day hearings for next month in the separate cases filed by employees of pharmaceutical company, Cari-Med Group and investment firm, AIC Jamaica. […]

GK looking to insurance, food deals to beat 2020 profit record

GraceKennedy Limited has struck a deal with Scotia Insurance Caribbean Limited for the full takeover of Scotia Insurance Eastern Caribbean Limited, SIECL, subject to regulatory approvals. The cost of the transaction and its financing were not disclosed, but GraceKennedy has a $23-billion pile of cash from which to fund acquisitions and is on the hunt […]

GraceKennedy to acquire Scotia Insurance Eastern Caribbean

GRACEKENNEDY has reached an agreement with Scotia Insurance Caribbean Limited to acquire 100 per cent of the shares of Scotia Insurance Eastern Caribbean Limited (SIECL), with the associated transaction being subject to regulatory approvals and other customary closing conditions. SIECL is a licensed life insurance company operating in seven countries in the Eastern Caribbean: Anguilla, […]

Scotiabank finances new state-of-the-art Hyundai headquarters

Scotiabank has provided loan financing for the construction of yet another major corporate headquarters in Kingston. By the end of March, Magna Motors Ltd, the exclusive distributors of Hyundai vehicles in Jamaica and other parts of the Caribbean will open its world-class, state of the art dealership and showroom on Oxford Road. The new facility […]

Mystic seeks bankruptcy protection to keep bondholders at bay – $1.1b bond in default

The fate of the Mystic Mountain attraction, known for its adrenalin-pumping zip line, roller coaster and ATV buggy rides, now hangs in the balance following this week’s expiration of a 14-day ultimatum to make good on a $1.13-billion debt to… READ MORE AT THE GLEANER