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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 […]

Mystic Mountain Shake-Up – Founding Chairman To Exit Amid Court Battle For Control

The Mystic Mountain Rainforest Adventures attraction in Ocho Rios, contending with more than a COVID-19 pandemic financial fall-out, is estimated to require US$2.6 million or $380 million in additional working capital over the next two years. As the tour provider tries to woo Jamaicans and tourists back to its adrenaline-pumping rides, things are rocky in […]

Buyer Found For Jamaica Beverages

Jamaica Beverages Limited, JBL, the insolvent manufacturer of juice and milk products that was put up for sale last November, has found a buyer. Wilfred Baghaloo, a director of PricewaterhouseCoopers Jamaica who was appointed as JBL trustee three years ago, told the Financial Gleaner that they are advanced in finalising the sale, but could not […]

Major MBJ Airport Upgrade to be Financed By Scotiabank

Montego Bay, Jamaica – September 14, 2020 – Scotiabank has again provided loan financing to facilitate significant infrastructure improvements being made at Sangster International Airport in Montego Bay. In early September, the Bank inked a financing arrangement valued at US$60M that will fund the expansion of the Departures Retail Area to increase circulation space and […]

Starbucks Operator Caribbean Coffee Floats US$30m Bond

Caribbean Coffee Traders Limited, CCTL, is moving ahead with plans for a US$30-million bond placement, the proceeds from which it will likely use to expand the Starbucks chain it operates in three regional markets. Read more at jamaica-gleaner.com

Playa to sell two Jewel hotels for US$60 million

“Playa Hotels & Resorts announced over the weekend that it has entered into a binding agreement with a third party to sell the Jewel Dunn’s River Beach Resort & Spa and the Jewel Runaway Bay Beach Resort & Waterpark for a total consideration of US$60 million in cash.” Read more at loopjamaica.com

Judgement: Spur Tree Spices v Minister of Labour & Social Security

In Spur Tree Spices v Minister of Labour & Social Security we successfully asked the Court to quash the Minister’s decision to refer a ‘dispute’ to the Industrial Disputes Tribunal because the referral was ultra vires s.11A Labour Relations & Industrial Disputes Act. In the case the workers were summarily dismissed for theft then unconditionally reinstated with full pay. […]