Connect with us

Businessuite News24

Acquisition Deal Of Champion Gaming Completed

Published

on

(CG Signing) Deal closed:  Champion Gaming Chairman Damian Chin-You (seated in centre) signs documents signaling the completion of the acquisition of Champion Gaming by Supreme Ventures, through its subsidiary, Bingo Investments. Also signing is Deputy Chairman of Supreme Ventures Group, Ian Levy while looking on are President & CEO, Supreme Ventures Group, Ann-Dawn Young Sang (seated left) and Co-CEO, Prime Sports Jamaica Limited (subsidiary of SVL), Xesus Johnston (left standing) and Co-CEO of Shared Services, Dennis Chung.

 

Supreme Ventures has announced the deal closure to acquire the assets of Champion Gaming Company Limited (CG), a Jamaican owed company with over 1,200 machines in the Route Video Lounge Terminal, (VLT – slot machines) business in Jamaica.

In a statement issued last week, the company noted that Bingo Investments, the Group’s subsidiary, now owns the majority interest in the assets of Champion, which represents around fifteen percent (15%) of the slot machines market operating in the island.

President & CEO of Supreme Ventures Limited, Ann-Dawn Young Sang says the acquisition will now pave the way for Supreme to solidify its market share while expanding its product base in the gaming slots industry.

She adds that this move is aligned with SVL’s strategy to expand in new and existing market segments and product streams.

The statement also listed, President & CEO of Supreme Ventures, Ann-Dawn Young Sang; C0-CEO of Prime Sports Jamaica Limited (a subsidiary of SVL), Xesus Johnston; Director of SVL, Damian Chin-You and Christian Tavares-Finson, as the directors of Bingo Investments.

SVL Deputy Chairman, Ian Levy remains as a director of Bingo Investments.

Businessuite News24

Derrimon Secures Landmark Financing Partnership Of Up To US$13m With IDB Invest

Published

on

Proceeds to support capital and capacity building, reusable green energy and the modernization and enhanced efficiency of company’s warehouse and distribution channels.

Derrimon Trading Company Limited (DTL), a leading distributor of consumer goods in Jamaica, has successfully secured a landmark financing partnership of up to thirteen million dollars (US$13,000,000) with IDB Invest, the private sector arm of the Inter-American Development Bank (IDB). The financing, structured in three tranches, is expected to propel Derrimon towards achieving key initiatives focused on trade financing, brand building, employment generation, and green energy implementation.

The financing comprises:
Tranche I: A committed senior financing of up to three million dollars (US$3,000,000) to finance the implementation of solar panels, and modernization of the company’s warehouse and distribution center in Jamaica.

Tranche II: A committed revolving credit line of up to five million United States dollars (US$5,000,000) to purchase goods from eligible Suppliers in various jurisdictions, including Guyana, Suriname, and Norway.

Tranche III: An uncommitted senior financing of up to five million dollars (US$5,000,000) to finance capital expenditure and/or working capital needs in Jamaica.

The usage of the proceeds aligns with Derrimon’s commitment to sustainable practices and the development of local infrastructure.

Derrick Cotterell , Chairman and Group Chief Executive Officer at Derrimon Trading Company Ltd, expressed the historical significance of working with a multilateral institution like IDB Invest on a transaction of this nature. “This partnership is a testament to the strong foundation we have built over the past years and reinforces our commitment to excellence in trade financing, brand development, job creation, and green energy initiatives. Collaborating with IDB Invest is a historic milestone for us, and we are confident that it will significantly contribute to the growth and sustainability of our business,” shared Cotterell.

The transaction, marshaled by legal representatives Basil Lee Williams of Matthew Hogart & Company Limited for DTL, Hunton Andrews Kurth (Vera Rechsteiner and Gustavo RodriquezVillate), NY Counsel for IDB Invest and Hart, Muirhead, Fatta (Donovan Walker and Justine Collins), Jamaican Counsel for IDB Invest, emphasizes the meticulous approach taken in structuring this groundbreaking financing arrangement.

Derrimon Trading, with operations dating back to 1998, has evolved into a major player in the consumer goods distribution sector, with a diverse portfolio that includes Sampars, Select Grocers, Caribbean Flavours & Fragrances, Spicy Hill Farms, Arosa Limited, Woodcats International, Food Savers NY Inc, and Good Foods For Less LLC NY.

As IDB Invest continues to be one of the partner of choice for the private sector in Latin America and the Caribbean, Derrimon Trading remains committed to economic growth, social inclusion, and sustainable business practices. The partnership signals a new chapter in the company’s journey, fostering growth and innovation in the region.

“Latin America and the Caribbean region is responsible for 40% of the food traded worldwide. At IDB Invest, we are committed to working with companies like Derrimon in Jamaica to play a leading role in being part of the solution to global needs,” said James Scriven, CEO of IDB Invest.

Continue Reading

Corporate Movements

Corporate Movements – February 2024

Published

on

MASSY HOLDINGS LTD. Board wishes to advise that Mr. E. Gervase Warner, President and Group Chief Executive Officer, has undertaken to proceed on early retirement from the Company and retire from its Board of Directors effective April 06, 2024. The Board is also pleased to advise that Mr. David Alfonso, Executive Vice President and Executive Chairman Integrated Retail Portfolio, will replace Mr. Warner as President and Group Chief Executive Officer effective April 06, 2024, while continuing in his current role. The Chairman and the Board of Directors would like to thank Mr. Warner for his many years of dedicated service to the Group.

GraceKennedy Limited has advised that Mr Jason Bailey has been appointed to the position of Head of Risk, effective February 1 , 2024.
Prior to joining GraceKennedy, Mr. Bailey served as Manager, Risk & Compliance at VM Wealth Management Limited; and Manager, Enterprise Risk Management, Strategic & Operational Risks at Sagicor Group Jamaica Limited. Mr Bailey holds an MSc in Enterprise Risk Management and a BSc in Mathematics, with an emphasis on Actuarial Science. In his new role, Mr. Bailey will report to the Group Chief Compliance Officer & Senior Legal Counsel.

Seprod Limited (SEP) announces that Mr. Euton Cummings joined the Seprod Group as Chief Strategy Officer–Human Capital effective January 1, 2024. Mr. Cummings holds a B.Sc. in Accounting and Management Studies and a M.Sc. in Computer Based Management System. He has more than 25 years of executive experience and comes to Seprod from a distinguished career in the banking sector. The Group welcomes Mr. Cummings and wish for him success in his new role.

Scotia Group Jamaica Limited announces the appointment of Dayne Bucknor to the role Director, Strategic and Business Analytics, Caribbean North & Central and Christopher Samuels to the role Regional Director, Jamaica Retail District B, both effective February 1, 2024.

Seprod Limited (SEP) informs that Dr. Patrick Sterling departed the Seprod Group as Group Human Resource and Industrial Relations Manager effective December 31, 2023. Dr. Sterling served the Group for over ten years and was responsible for several key developments in the human resource and industrial relations functions.

Caribbean Assurance Brokers Limited wishes to advise that effective January 31, 2024 Ms. Krystal Gayle, has transitioned from her position as Divisional Manager – International Insurance and has joined our third party claims administrator (loss adjuster) for International Health Insurance (ICHIP) in a more senior role. As a result, Ms. Judane Brissett has been promoted to Administrative Manager – International Insurance Division, effective February 1, 2024.

Continue Reading

Auto

Exploring the Path to Enhanced Transportation Efficiency in Jamaica

Published

on

Jamaica stands at a critical juncture in transforming its transportation sector to achieve both economic resilience and sustainable development. Reflecting on the broader goals within the realms of energy efficiency and sustainability, it becomes imperative to examine the factors influencing Jamaica’s transportation efficiency. As an island nation with a high dependency on imported fossil fuels, Jamaica faces unique challenges that directly impact its transportation sector’s efficiency and sustainability.

External Economic Vulnerabilities

Being economically vulnerable to external factors, such as fluctuations in global energy prices, significantly influences Jamaica’s transportation sector. This vulnerability stems from an over-reliance on imported oil, making the cost of transportation susceptible to global oil market dynamics. Such dependencies not only increase the operational costs of transportation but also hinder efforts towards achieving efficiency and sustainability.

The volatility of oil prices directly impacts the operating costs for both public and private transportation modes, translating into higher fares for commuters and increased expenses for goods transportation. This scenario underscores the urgent need for Jamaica to diversify its energy sources and reduce dependency on imported oil.

Integrating renewable energy sources into the transportation sector could serve as a viable mitigative strategy. Utilizing Jamaica’s abundant renewable resources, such as solar and wind, could significantly reduce the dependency on fossil fuels, thereby insulating the transportation sector from external economic shocks and contributing to enhanced efficiency.

However, transitioning to renewable energy-powered transportation systems involves overcoming a range of structural, economic, and technical challenges. Investments in infrastructure, public awareness, and regulatory frameworks are essential to facilitate this transition.

Societal Consumption Patterns

Jamaica’s high consumption society profoundly impacts transportation efficiency. Choices in vehicular purchases, for instance, are seldom made with energy efficiency in mind. This inclination towards high-consumption models contributes to greater fuel use and increased greenhouse gas emissions, further straining the push towards transportation efficiency.

Addressing societal consumption patterns requires a shift in public perception and behavior towards transportation. Encouraging the adoption of energy-efficient vehicles through incentives and awareness campaigns could play a significant role in this regard. Additionally, promoting public transportation and non-motorized transport modes as viable and efficient alternatives could also help reduce the transportation sector’s overall energy footprint.

Furthermore, enhancing public awareness about the interconnectedness of lifestyle choices, energy consumption, and environmental impact is crucial. Education and outreach initiatives that highlight the benefits of energy-efficient transportation choices could foster a societal shift towards sustainability.

The Government of Jamaica’s role in championing energy efficiency via policy interventions, such as the National Energy Policy and the Vision 2030 Jamaica Plan, plays a pivotal role in steering society towards more sustainable consumption patterns. Regulatory instruments, alongside targets and incentives for energy efficiency, can provide a balanced mix of push and pull factors to drive efficiency improvements across the transportation sector.

Infrastructure and Technology

Infrastructure and technology advancements are pivotal for enhancing Jamaica’s transportation efficiency. The existing transportation infrastructure often does not support optimal energy use or facilitate the deployment of modern, energy-efficient technologies.

Investing in infrastructure modernization and maintenance can significantly reduce energy consumption in the transportation sector. Improvements in road quality, for example, can decrease fuel consumption by reducing vehicle wear and tear and travel times.

Adopting advanced transportation technologies such as electric vehicles (EVs) and implementing smart traffic management systems can also contribute to efficiency. However, such technological transitions require supportive infrastructure, including EV charging stations and integrated traffic management systems.

In conclusion, a multi-faceted approach encompassing policy interventions, societal shifts, and infrastructure and technological upgrades is essential for improving transportation efficiency in Jamaica. Addressing these key factors will not only contribute to reducing Jamaica’s carbon footprint but also pave the way towards a more resilient and sustainable transportation sector.

  • Economic vulnerabilities due to reliance on imported oil significantly impact transportation costs and efficiency.
  • Societal consumption patterns and preferences towards high-consumption vehicles impede efforts towards transportation efficiency.
  • Investments in infrastructure and technology are crucial for enabling the adoption of energy-efficient transportation solutions.
  • Government policy and regulatory frameworks play a pivotal role in driving the transition towards more efficient and sustainable transportation systems.

Continue Reading

Business Events

JSE REGIONAL CAPITAL MARKET CONFERENCE 2024 The Drivers of Capital: From Concept to Growth – JANUARY 23-25, 2024

Published

on

Background
The Regional Investments and Capital Markets Conference started in 2006 and is hosted annually by the JSE at the beginning of each year. The Conference attracts an elite group of executives and sponsors from different industries in Jamaica and across the region. There is no better testimony to the success of any Conference than the fact that the major sponsors remain on-board year after year. Jefferies Group LLC is the Conference’s main overseas sponsor, a leading global investment banking firm that provides investors, companies and governments with a full range of investment banking and wealth management services across the financial spectrum.

By its successful staging each year, JSE’s Regional Conference has earned its place as a calendar event to which government officials, leading experts in business, investors and other stakeholders, locally and worldwide look forward to attend each year. With each year’s theme, the Conference gets more exciting and entertaining. Since 2021, due to the COVID-19 pandemic, the Conference is held in hybrid format and participants join from Asia, Africa, Europe and North and South America. This has enhanced the popularity of the Conference and positioned it to being among the best conferences in the world.

The Conference examines areas of growth, challenges and advancements that are currently shaping societies and the world economies and critique how economies and businesses can best manage such rapid changes and capitalize on opportunities for progress through provocative discussions, formal and informal.

Every year, the conference brings together world class leaders and industry experts who willingly share their success secrets and demystify complex topics into common language that business people and professionals from every sector can understand and be equipped for the year ahead, to navigate successfully and thrive through the sweeping global trends and disruptions that are affecting every country and region.

For More Information CLICK THIS LINK

Continue Reading

Corporate Movements

Corporate Movements – January 2024

Published

on

GraceKennedy Limited (GKL) has announced the appointment of Annette Morrison as its new Group Chief Human Resources Officer (CHRO) and member of its Executive Committee, effective January 3, 2024. The Company has also expressed its deep appreciation to outgoing CHRO of GKL, Naomi Holness, who retired from her role on December 31, 2023. Morrison rejoins GraceKennedy with a wealth of expertise and a deep understanding of its business, having first joined the Company in 2012.

Mr. Ian De Souza has been appointed Managing Director of ANSA Merchant Bank Limited with effect from 8th January 2024.

The Board of Directors of Fontana Limited (FTNA) is pleased to announce the appointment of Mr. Larren Peart as a non-executive Director effective January 1, 2024.

Mr Shawn Moses was appointed as Country CEO for JMMB Group’s Trinidad and Tobago Operations, effective January 2, 2024. In this role he will have strategic and operational oversight for the JMMB Group Limited’s Trinidad and Tobago subsidiaries, namely; Jamaica Money Market Brokers (Trinidad and Tobago) Limited and its subsidiaries which are JMMB Bank (T&T) Limited and its subsidiary JMMB Express Finance (T&T) Limited and JMMB Investments (Trinidad and Tobago) Limited and its subsidiary JMMB Securities (T&T) Limited. Mr. Moses maintains his role as CEO of JMMB Bank (T&T) Limited.

tTech Limited advises of the appointment of Mr. Richard Downer as an Independent Non-Executive Director of the Company. The appointment was made by a Board of Directors resolution on December 20, 2023. Mr. Downer has also been serving in the capacity of tTech’s Board Mentor for the past six years and has the responsibility for advising on the implementation of adequate procedures, systems and controls for financial reporting, corporate governance, timely disclosure of information to the market, and general compliance.

Caribbean Assurance Brokers Limited wishes to advise that Ms. Sheraley Bridgeman has joined us in the position of Chief Executive Officer, effective January 3, 2024.

MASSY HOLDINGS LTD. wishes to advise that pursuant to Sect¬ion 64(1)(b) of the Trinidad and Tobago Securities Act¬, 2012, that Mrs. Angélique Parisot-Porter, Executive Vice-President Business Integrity and Group General Counsel has resigned from the Company effect¬ive, December 27, 2023.

NCB Financial Group Limited (NCBFG) advises that Professor the Honourable Alvin Wint, OJ, CD, is due to retire at the upcoming Annual General Meeting (AGM) of NCBFG to be held in February 2024 pursuant to Article 94 of the NCBFG Articles of Incorporation; and he has indicated that he will not seek re-election in order to reduce the scale of his directorships. Professor Wint has also resigned from the Boards of NCBFG’s subsidiaries, National Commercial Bank Jamaica Limited (NCBJ), NCB Capital Markets Limited, NCB Insurance Agency & Fund Managers Limited, NCB (Cayman) Limited, NCB Capital Markets (Cayman) Ltd and NCB Trust Company (Cayman) Limited effective December 31, 2023. His resignation is unrelated to any disagreement regarding financial statement disclosures, accounting principles or practices, or any matter impacting the Audit Committees, which he chairs, or his ability to execute his functions delegated by the Board.

NCBFG also advises of the appointment of retired Banker, Mr Gary W. Brown, to the Board of NCBJ effective January 1, 2024. Mr Brown has spent most of his working life in the financial services sector in Barbados and the United States of America. Additional board appointments are expected to follow, including a request for him to be elected as a director of NCBFG at the AGM.

NCBFG takes this opportunity to welcome Mr Brown, as well as to thank Professor Wint for his over 20 years of stellar service to various NCB Boards and wish him well as he transitions into this planned retirement.

The Board of Directors of Salada Foods Jamaica Limited (SALF) is pleased to announce the appointment of Miss Tracy-Ann Spence as a non-executive Director and a member of the Audit Committee of SALF effective December 31, 2023. The Board welcomes Miss Spence and looks forward to her invaluable contribution to SALF. The Board of Directors of SALF further wishes to advise that Mr. Michael Bernard, a non-executive independent Director of SALF, has been appointed the new Chairman of the Audit Committee of SALF with effect December 31, 2023.

Eppley Limited (EPLY) has advised of the following management changes during the current quarter:

The appointment of Keisha Smith – Vice President, People effective October 26, 2023
The resignation of Adam Hugh – Assistant Vice President, Credit effective October 11, 2023
The appointment of Samantha Summerbell – Assistant Vice President, Credit effective October 1, 2023

GraceKennedy Limited (GK) has advised that Mr. Gerron Thomas, Group Risk Manager resigned from the company effective December 31, 2023.

 

Continue Reading

Trending

0
Would love your thoughts, please comment.x
()
x