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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
Key Insurance rights issue pulls in $668 million
The recently closed renounceable rights issue by Key Insurance Company Limited has pulled in $668 million from shareholders, just $2 million shy of the original target of $670 million. The renounceable rights issue, which opened on December 11, 2020 and closed one month later on January 11, 2021 saw up to 190,863,000 new ordinary shares […]
ATL Pension Fund Loses Appeal In Dismissal Of Former General Manager
The ATL Pension Fund has lost its appeal in the matter of the dismissal of former general manager Catherine Barber. The Court of Appeal handed down its unanimous judgment Friday upholding a decision of the Industrial Disputes Tribunal (IDT) that Barber was unjustifiably dismissed in 2011. The ruling means that Barber will have to be […]
Illegal! Court Slaps KSAMC, NEPA For Authorising Birdsucker Development
A multimillion-dollar three-storey apartment on Birdsucker Drive in upper St Andrew was illegally approved and constructed, the Supreme Court has ruled, opening the door for demolition considerations. Justice Georgiana Fraser Thursday overturned the building and environmental approvals for the development, declaring that the Kingston and St Andrew Municipal Corporation (KSAMC) and the National Environment and […]
Carreras Wins Court Battle For Customs Refund
Lawyers for tobacco company Carreras Limited say they are awaiting word from Jamaica Custom Agency, JCA, after the Supreme Court this month ordered the commissioner of customs to repay the cigarette trader $58.38 million, or an amount that reflects the difference between the six-per cent duties owing for in-bond transactions and full duties applicable to […]
