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Businessuite 2017 Skin Index US$Holdings – Jamaica

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2017 Businessuite Skin Index -US$ – Jamaica
2017 Rank Executive Company Skin Holdings 2016 US$
1 Michael Lee Chin National Commercial Bank Jamaica Ltd. 1,615,291,544 $629,350,715
2 Lascelles Chin Lasco Distributors Limited 2,668,889,040 $146,619,401
3 Lascelles Chin Lasco Manufacturing Limited 3,247,122,250 $126,514,543
4 Stephen B Facey Pan-Jamaican Investment Trust 433,878,694 $94,666,901
5 Paul Facey Pan-Jamaican Investment Trust 433,878,694 $94,666,901
6 Mark Hart Caribbean Producers Ja Ltd 880,000,000 $22,629,159
7 Marcus James Access Financial Services Limited 120,220,534 $20,609,770
8 Christopher Berry Mayberry Investments Ltd. 470,222,514 $20,152,917
9 Konrad Berry Mayberry Investments Ltd. 465,985,397 $19,971,321
10 Lascelles Chin Lasco Financial Services Limited 761,704,332 $18,459,444
11 Robert Levy Jamaica Broilers Group 152,376,620 $17,691,979
12 Rita Humphries-Lewin Barita Investments 339,975,664 $15,895,379
13 Ian Kent Levy Supreme Ventures 324,541,171 $13,403,477
14 Keith P. Duncan JMMB Group Ltd 101,144,376 $11,428,298
15 Donna Duncan-Scott JMMB Group Ltd 87,013,712 $9,831,675
16 Noel A. Lyon JMMB Group Ltd 84,061,652 $9,498,122
17 Patrick Hylton National Commercial Bank Jamaica Ltd. 18,799,058 $7,324,499
18 Scoops Un-Limited Limited Caribbean Cream Limited 121,141,801 $7,079,900
19 Paul Hoo Supreme Ventures 170,000,000 $7,020,962
20 Douglas R. Orane Gracekennedy Ltd. 21,358,272 $6,823,729
21 Dahru Tanner Blue Power Group Limited 28,300,800 $6,615,943
22 Derrick Cotterll Caribbean Flavours & Fragrances Ltd 67,457,330 $6,307,862
23 John W. Lee 138 Student Living Jamaica Limited 167,439,627 $6,262,840
24 Antonia Hugh AMG Packaging & Paper Co Ltd 32,351,718 $6,178,918
25 Richard Byles Sagicor Group Jamaica Limited 25,617,515 $5,789,043
26 Andrew Jackson Jetcon Corporation Limited 117,302,400 $5,484,411
27 Donovan Lewis Salada Foods Jamaica 81,447,767 $5,394,732
28 Stafford Burrowes Dolphin Cove Limited 45,367,938 $5,302,884
29 Oliver Townsend Knutsford Express Limited 33,526,664 $5,225,070
30 Derrick Cotterll Derrimon Trading Company Ltd 110,000,000 $4,714,408
31 Kingsley Cooper Pulse Invesments Ltd. 198,344,919 $4,636,755
32 George Hugh AMG Packaging & Paper Co Ltd 24,263,792 $4,634,190
33 Mark Chin/Paul Chin AMG Packaging & Paper Co Ltd 24,263,792 $4,634,190
34 Violet Helen Mahfood Jamaican Teas Limited 118,015,318 $4,460,175
35 Peter Bunting Proven Investments Limited 30,087,130 $4,337,348
36 Wayne Sutherland JMMB Group Ltd 38,050,860 $4,299,365
37 Oliver Clarke 1834 Investments Limited 434,557,600 $4,063,501
38 Anthony Copeland Knutsford Express Limited 23,926,664 $3,728,928
39 Dennis Smith (Gencorp Limited) ISP Finance Services Limited 54,517,500 $3,610,993
40 John Mahfood Jamaican Teas Limited 94,064,178 $3,554,985
41 Donald G. Wehby Gracekennedy Ltd. 10,929,855 $3,491,966
42 Carol Clarke Webster Caribbean Cream Limited 58,521,764 $3,420,192
43 Matthew G. Clarke Caribbean Cream Limited 58,221,764 $3,402,659
44 Christpher Clarke Caribbean Cream Limited 53,221,764 $3,110,444
45 Robert Chung (Sunfisher Corp) ISP Finance Services Limited 45,832,500 $3,035,738
46 Hugh Graham Paramount Trading (Jamaica) Ltd 123,396,684 $2,884,673
47 Donovan Perkins Sagicor Group Jamaica Limited 12,207,687 $2,758,692
48 Anthony Chang * Consolidated Bakeries (Jamaica) Ltd 155,675,286 $2,741,574
49 Gordon Townsend Knutsford Express Limited 17,526,664 $2,731,499
50 Steven Marston CAC 2000 Limited 67,462,522 $2,602,193
51 Ivan Carter Sagicor Group Jamaica Limited 9,076,673 $2,051,146
52 Christopher Levy Jamaica Broilers Group 16,844,106 $1,955,717
53 Natalia Gobin-Gunter Key Insurance Company Limited 88,405,445 $1,791,118
54 Sandra Masterton Key Insurance Company Limited 88,405,444 $1,791,118
55 Kayla Abrahams Key Insurance Company Limited 88,405,444 $1,791,118
56 Richard Evan Thwaites IronRock Insurance Company Limited 56,000,000 $1,745,500
57 Monique Cotterll Derrimon Trading Company Ltd 40,000,000 $1,714,330
58 Michelle Chong Honey Bun (1982) Limited 37,500,000 $1,709,460
59 Herbert Chong Honey Bun (1982) Limited 37,500,000 $1,709,460
60 Edward Charles Alexander tTech Limited 41,284,834 $1,705,054
61 William A. McConnell IronRock Insurance Company Limited 54,500,000 $1,698,745
62 Winston Boothe Medical Disposables & Supplies Ltd 50,000,000 $1,636,406
63 Myrtis Boothe Medical Disposables & Supplies Ltd 50,000,000 $1,636,406
63 Kurt Boothe Medical Disposables & Supplies Ltd 50,000,000 $1,636,406
64 Nikeisha Boothe Medical Disposables & Supplies Ltd 50,000,000 $1,636,406
65 Charles “Douglas” Graham Palace Amusement 1,074,444 $1,632,639
66 Antony Hart Cargo Handlers Limited 11,324,264 $1,632,501
67 Mark Hart Cargo Handlers Limited 10,991,198 $1,584,487
68 Jane Fray Cargo Handlers Limited 10,991,198 $1,584,487
69 Gary Peart Mayberry Investments Ltd. 34,740,915 $1,488,935
70 Winston Hepburn Proven Investments Limited 10,200,000 $1,470,428
71 Charles. H. Johnston Jamaica Producers Group 17,510,498 $1,262,153
72 Neville James Access Financial Services Limited 7,174,950 $1,230,023
73 Dr. the Hon. M. McG. Hall Jamaica Producers Group 16,769,284 $1,208,727
74 Colin Roberts CAC 2000 Limited 27,355,291 $1,055,160
75 Nicholas Scott Eppley Limited 156,849 $898,340
76 Joseph Matalon 1834 Investments Limited 93,628,124 $875,506
77 Eileen Chin Lasco Distributors Limited 15,006,740 $824,418
78 Nigel Clarke Eppley Limited 142,631 $816,908
79 Garfield H Sinclair Proven Investments Limited 5,505,218 $793,630
80 Melanie Subratie Eppley Limited 136,020 $779,044
81 P.B. Scott Eppley Limited 136,020 $779,044
82 Peter Chin Lasco Distributors Limited 14,000,000 $769,111
83 Ian C. Kelly Derrimon Trading Company Ltd 15,743,459 $674,737
84 Frank A. R. James Gracekennedy Ltd. 2,010,153 $642,221
85 Norman Abraham Chen tTech Limited 15,391,566 $635,668
86 Gordon Christopher Reckord tTech Limited 15,263,795 $630,391
87 Eileen Chin Lasco Manufacturing Limited 16,000,000 $623,393
88 Rohan Miller Sagicor Group Jamaica Limited 2,595,465 $586,523
89 Douglas Stibel 138 Student Living Jamaica Limited 15,673,025 $586,227
90 Philip Armstrong Sagicor Group Jamaica Limited 2,547,982 $575,793
91 Winston Thomas Derrimon Trading Company Ltd 13,363,979 $572,757
92 Mark Chisholm Sagicor Group Jamaica Limited 2,391,853 $540,511
93 Peta Rose Hall Barita Investor only 11,188,814 $523,127
94 Michael Ranglin Gracekennedy Ltd. 1,568,097 $500,989
95 Richard Byles Sagicor Real Estate X Fund 5,389,505 $495,987
96 Ivan Berry C2W Music Limited 180,000,000 $490,922
97 Claudette Cook Jamaica Broilers Group 4,060,899 $471,498
98 Henry Graham Sweet Rier Abattoir & Supplis Company 15,035,009 $452,234
99 Mrs. K.A.J. Moss Jamaica Producers Group 6,060,078 $436,809
100 Ryan Mack Gracekennedy Ltd. 1,202,460 $384,173
101 Ian Parsard Jamaica Broilers Group 3,207,739 $372,441
102 Hugh O’Brian Allen tTech Limited 8,806,028 $363,687
103 Joseph Bogdanovich KLE Group Limited 23,168,835 $352,055
104 Garfield H Sinclair Kingston Properties Limited 4,164,407 $324,508
105  Jeffrey. McG. Hall Jamaica Producers Group 4,418,537 $318,487
106 John Minott Barita Investments 5,885,322 $275,165
107 J. A. Lester Spaulding Radio Jamaica 26,607,207 $269,535
108 Karl Lewin Barita Investments 5,675,322 $265,347
109 George W. Cooper Barita Investments 5,302,322 $247,907
110 Gary Matalon KLE Group Limited 16,073,628 $244,242
111 Charles Ross Sterling Investments Limited 1,892,790 $231,566
112 Derek Wilkie C2W Music Limited 80,000,000 $218,187
113 Peter Chin Lasco Manufacturing Limited 5,585,980 $217,641
114 Ian C. Kelly Caribbean Flavours & Fragrances Ltd 2,322,814 $217,204
115 Gordon V. Shirley Gracekennedy Ltd. 612,092 $195,557
116 A. Alex Balogun Lasco Distributors Limited 3,429,733 $188,417
117 Jacinth Hall-Tracey Lasco Financial Services Limited 7,346,198 $178,031
118 Stephen Shirley KLE Group Limited 10,111,500 $153,646
119 Valdence Gifford Sweet Rier Abattoir & Supplis Company 4,995,058 $150,245
120 Marilyn Burrowes Dolphin Cove Limited 1,000,008 $116,887
121 Thersa Chin Cargo Handlers Limited 760,022 $109,564
122 Primrose Smith ISP Finance Services Limited 1,500,000 $99,353
123 Marcelle Smart tTech Limited 2,370,399 $97,897
124 Anthony James Caribbean Flavours & Fragrances Ltd 820,700 $76,743
125 John Jackson Jetcon Corporation Limited 1,620,000 $75,742
126 Sharon Donaldson General Accident Insurance Co Ltd 3,377,956 $73,703
127 Radcliff Knibbs Paramount Trading (Jamaica) Ltd 3,053,605 $71,385
128 Patsy Latchman-Atterbury Scotia Group Jamaica 191,576 $54,862
129 Jacqueline Sharp Scotia Group Jamaica 190,010 $54,413
130 Grantley Stephenson Kingston Wharves 331,369 $51,669
131 Christopher Barnes 1834 Investments Limited 5,308,834 $49,642
132 Rohan Miller Sagicor Real Estate X Fund 500,000 $46,014
133 Richard Pandohie Seprod Limited 200,000 $45,975
134 Christopher Barnes Radio Jamaica 4,307,000 $43,630
135 Archibald Campbell JMMB Group Ltd 363,227 $41,041
136 Romae Gordon Pulse Invesments Ltd. 1,635,279 $38,228
137 Dennis Cohen National Commercial Bank Jamaica Ltd. 86,480 $33,694
138 Wayne N. Hardie IronRock Insurance Company Limited 1,025,727 $31,972
139 Safia Cooper Pulse Invesments Ltd. 1,079,422 $25,234
140 Garfield H Sinclair Cable and Wireless Jamaica – FLOW 4,021,000 $25,067
141 James Morrison Supreme Ventures 345,165 $14,255
142 Ian A Mcnaughton Barita Investments 296,000 $13,839
143 Norman Russell Jamaican Teas Limited 300,000 $11,338
144 Douglas R. Orane 1834 Investments Limited 1,053,553 $9,852
145 Horace (Craig) Mair Scotia Group Jamaica 24,741 $7,085
146 Gary Allen Radio Jamaica 361,228 $3,659
147 Robin Levy Jamaica Stock Exchange Ltd 50,000 $2,143
148 Marlene Street Forrest Jamaica Stock Exchange Ltd 30,000 $1,286
149 Ian Dear Margaritaville Caribbean Limited 25,000 $1,068
150 Kevin Richards Kingston Properties Limited 10,500 $818
151 Lissant Mitchell Scotia Investments Jamaica 2,000 $521
152 Alejandro Vares Caribbean Cement Co. 300 $79
153 Mustafa Turra Berger Paints Ltd 0 $0
154 Marcus Steele Carreras Limited 0 $0

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Scotiabank Group Jamaica Continues To Perform Well

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Scotia Group reports net income of $4.2 billion for the quarter ended January 31, 2025, representing an increase of $1.1 billion or 34.5% over the comparative prior period.

The Group’s asset base grew by $73.3 billion or 11% to $739.2 billion as at January 2025 and was underpinned by the excellent performance of our loan and investment portfolios.

In furtherance of our objective to continue to return value to our shareholders, the Board of Directors has approved a dividend of 45 cents per stock unit in respect of the first quarter, which is payable on April 17, 2025, to stockholders on record as at March 26, 2025.

Audrey Tugwell Henry, Scotia Group’s President and CEO gave the following comments. “Scotia Group has delivered another solid performance for the quarter, and I am very proud of our team for their unwavering dedication and consistent service delivery to our clients. These results signal a strong start to the second year of our five-year strategy, and our goal remains to become our client’s most trusted financial partner. We continue to promote the importance of a balanced financial portfolio which incorporates banking, insurance protection and wealth, and we are committed to offering the best financial advice, earning the right to be our clients’ primary financial institution and making it easier to do business with us.”

Business Performance

Scotiabank Continues To Perform Well With Each Business Unit Delivering Commendable Results For The Quarter.

Deposits by the public increased by $34.4 billion or 7.5% versus the corresponding period last year.

Total loans increased from $275.7 billion to $312.5 billion representing an increase of 13.3%. This includes a 12% increase in Scotia Plan personal banking loans and a 24% increase in mortgage loans. Commercial loans also increased by 5% over the prior year period.

Our insurance subsidiaries continue to make a valuable contribution to the Group’s results. Net Insurance Revenues at Scotia Insurance increased by $504 million or 96% year over year and Gross Written Premiums grew by 5%. Sales at our general insurance business, Scotia Protect, increased by 53% while Gross Written Premiums increased by 71% when compared to the previous period.

Scotia Investments continues to assist clients to build wealth and navigate the complexities of the financial markets. Assets Under Management at SIJL increased by 13.3% over the comparative period demonstrating the strength of our investment advisors and asset management team.

As we advance our growth strategy, we are very pleased to see the continued appreciation in our stock price which has shown steady improvement. This demonstrates significant investor confidence in the Group and we are proud to continue returning strong value to our shareholders through both consistent dividend payments as well as capital appreciation.

Group Financial Performance

Total Revenues

Total revenues excluding expected credit losses for the year ended January 31, 2025, grew by $2.2 billion to $17.1 billion reflecting an increase of 14.9% over the prior year period. This was primarily driven by the strong growth in our loan portfolio which led to an increase in net interest income of $1.1 billion or 10% as well as an increase in other revenue of 26.2%.

Other Expenses

Other income, defined as all revenue other than interest income, increased by $1.2 billion or 26.2%.
• Net fee and commission income for the period amounted to $2.2 Billion and showed an increase of $671.8 million or 42.9% and was primarily driven by the higher volume of client transactions and activities.
• Net insurance revenue increased by $503.8 million or 96.2%, driven by higher contractual service margin releases coupled with lower insurance expenses in keeping with the performance of the portfolio, as well as an increase in transaction volumes stemming from further deepening of our client relationships.
• Net gains on financial assets amounted to $197.2 million, reflecting a year over year increase of $67 million or 51.5%, given improved market performance. 5 OPERATING

Expenses

Operating expenses totaled $9.7 billion as at January 2025 and reflected an increase of $1 billion or 11.6% when compared to the prior period. Of note, annual asset taxes recorded during the quarter totaled $1.7 billion, an increase over 2024 of $102 million or 6.4%.

Excluding the reduction in the net pension credit on our defined benefit plans, operating expenses increased by $743 million or 8.1% year over year.

Additionally, our investments in technology also contributed to the increase in operating expenses, as the Group continues to expand on our digital capabilities geared towards simplifying and streamlining our processes to make it easier for our clients to do business with us. These investments have enhanced the overall efficiency of our operations and enabled us to generate increased revenues.

Capital

Shareholders’ equity available to common shareholders totaled $150.7 billion and reflected an increase of $29.3 billion or 24.1% when compared to January 2024. This was due primarily to the re-measurement of the defined benefit pension plan assets, higher fair value gains on the investment portfolio and higher internally generated profits partially offset by dividends paid.

We continue to exceed regulatory capital requirements in all our business lines, and our strong capital position also enables us to manage increased capital adequacy requirements in the future and take advantage of growth opportunities.

Audrey Tugwell Henry, Scotia Group’s President and CEO

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The LAB’s Strategic Shift: Embracing Content Creation Amidst Evolving Financial Landscape

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Limners and Bards Limited (The LAB) headed by Kimala Bennett Chief Executive Officer, has unveiled its unaudited financial statements for the first quarter ending January 31, 2025, showcasing a nuanced performance as the company navigates a strategic pivot towards content creation. This move aims to capitalize on the burgeoning global appetite for diverse, high-quality content.

Financial Performance Overview

The LAB reported a robust quarterly revenue of $286.1 million, marking a significant 30.4% year-over-year increase. This growth was primarily driven by gains in the Production and Media segments. Gross profit reached $100.5 million, a 13% uptick from the previous year, indicating sustained operational efficiency.

However, profit before tax experienced a slight decline of 3.6%, settling at $25.2 million. This downturn is attributed to the transition from a full income tax holiday to a 50% concession, following The LAB’s fifth year on the Junior Stock Exchange. Consequently, net profit for the period stood at $21.6 million, reflecting a 17.6% decrease compared to the prior year. Despite this, the company maintains a robust balance sheet and a stable cash position.

Segment Performance

Media: Generated $142.5 million in revenue.

Production: Contributed $101.0 million.

Agency: Accounted for $42.6 million.

The net profit margin declined by 5.4%, as revenue growth was led by the lower-margin Production and Media segments, compared to the higher-margin Agency segment in the prior period. The company anticipates an Agency rebound by Q3, aligning with industry’s seasonal fluctuations.

Strategic Investments and Asset Growth

The LAB’s asset base expanded by $178.0 million, driven by strategic investments in content development. This initiative positions the company for long-term growth and revenue diversification in the “Owned” content industry.

Current assets rose to $920.6 million, while cash and cash equivalents experienced a year-over-year decline of $89.2 million.

Accounts receivable increased by $118 million, mirroring strong revenue growth. Management remains focused on optimizing credit terms through active client engagement.

Shareholders’ equity strengthened to $660.1 million, a 5.8% increase from the prior year, underscoring the company’s financial resilience.

Transition Towards Content Creation

The LAB is strategically positioning itself to harness the escalating global demand for diverse and high-quality content. With major streaming platforms, including Netflix, projected to invest $18 billion in content in 2025—an 11% increase from 2024—the appetite for fresh storytelling is evident.

The company’s “FIVE in 25” initiative, aiming to produce five films by 2025, is progressing well. Two films have been completed, with active negotiations underway with buyers and distributors. By focusing on high-performing genres such as Christmas and romance, The LAB ensures its productions cater to proven audience preferences.

Industry Outlook and Viability

The global content market is experiencing unprecedented growth. Streaming services and traditional distributors are increasingly seeking diverse narratives that resonate with a global audience. This trend presents a significant opportunity for The LAB, as its productions offer unique Jamaican perspectives with universal appeal. Engagements at international events like NATPE Global 2025 have facilitated negotiations with major distributors and networks, enhancing the company’s visibility and positioning its films for broader distribution.

Implications for Shareholders and Investors

While the strategic shift towards content creation entails upfront investments and a gestation period before realizing returns, it aligns with global industry trends favoring diverse content. The LAB’s strong financial foundation, coupled with its proactive approach to content development and strategic partnerships, suggests a forward-thinking trajectory. Shareholders and investors can anticipate potential long-term gains as the company taps into new revenue streams within the expanding content market.

Conclusion

The LAB’s recent financial performance reflects the complexities of transitioning within a dynamic industry landscape. By embracing content creation and investing in strategic initiatives, the company demonstrates adaptability and a commitment to sustainable growth. As The LAB continues to evolve, its focus on delivering compelling, culturally rich content positions it to capitalize on emerging opportunities, promising value creation for shareholders and stakeholders alike.

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Jamaica Broilers Group Faces Major Financial Setback as US Operations Struggle; Stephen Levy Resigns

In a move that signals accountability at the highest level, Mr. Stephen Levy, President of JBG’s US Operations, has resigned from both the Board and the Company, effective May 3, 2025. Levy, who has been with Jamaica Broilers since 2002, played a pivotal role in growing the US segment’s annual revenue from a modest US$10 million to over US$250 million. His departure suggests he is taking responsibility for the recent poor financial results of the US operations.

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The Jamaica Broilers Group Limited (JBG) has reported a major financial shift for the quarter ending January 25, 2025, revealing a dramatic swing from profitability to loss. The company’s unaudited financial statements highlight a net loss of $1.1 billion for the current quarter, a stark contrast to the net profit of $1.3 billion reported in the corresponding period last year. This represents a significant $2.4 billion downturn in financial performance, prompting serious concerns about the group’s operational and financial stability, particularly in its US segment.

Revenue Growth Overshadowed by Rising Costs

Despite the overall revenue of the group increasing by 5% to $24.6 billion, up from $23.6 billion in the previous year, profitability has suffered significantly. Gross profit for the current quarter stands at $4.7 billion, marking a 21% decline from the $5.95 billion recorded in the same period last year. This discrepancy suggests that the cost of goods sold or other direct expenses have outpaced revenue growth, eroding the company’s margins.

Jamaican Operations: Hurricane Beryl’s Impact

Jamaica Broilers’ domestic operations also faced difficulties, with segment profits declining by 9%—from $5.964 billion last year to $5.4 billion this quarter. While total revenue for the Jamaican segment saw a marginal 0.5% increase over the prior nine-month period, the impact of Hurricane Beryl significantly affected profitability. Increased operational costs due to hurricane-related disruptions appear to be the primary reason for the decline, signaling vulnerability to environmental and economic shocks.

US Operations in Crisis: A Steep Decline

In a move that signals accountability at the highest level, Mr. Stephen Levy, President of JBG’s US Operations, has resigned from both the Board and the Company, effective May 3, 2025.

The most alarming financial downturn occurred in JBG’s US operations. The segment reported a profit of just $922 million this period, a sharp 69% decline from the $2.192 billion earned in the corresponding period last year—a staggering $2.1 billion shortfall. Notably, revenue for the US segment grew by 5%, indicating that the decline in profit is not due to a drop in sales but rather significant increases in operational expenses, lower profit margins, or one-time extraordinary costs.

Several factors have been identified as contributing to the decline in US operations:

Expense Management Issues: Ineffective cost controls have led to higher-than-expected spending.

Operational Control Deficiencies: Weaknesses in internal procedures may have resulted in inefficiencies and potential losses.

Hurricane Flooding Challenges: External disruptions due to severe weather conditions likely compounded the operational difficulties.

The combined effect of these challenges led to the substantial decrease in US segment profitability, raising concerns about long-term sustainability and resilience.

Corporate Response and Leadership Changes

Recognizing the gravity of the situation, JBG’s corporate management has taken decisive steps to address the financial downturn. The company has engaged external advisors to assess the issues and provide expert recommendations for corrective action. Additionally, JBG is undertaking a thorough review of operational controls to identify weaknesses and implement necessary reforms.

In a move that signals accountability at the highest level, Mr. Stephen Levy, President of JBG’s US Operations, has resigned from both the Board and the Company, effective May 3, 2025. Levy, who has been with Jamaica Broilers since 2002, played a pivotal role in growing the US segment’s annual revenue from a modest US$10 million to over US$250 million. His departure suggests he is taking responsibility for the recent poor financial results of the US operations.

During this transitional period, JBG President & CEO, Mr. Christopher Levy, will oversee US operations directly, ensuring that necessary corrective measures are implemented to restore profitability and operational efficiency.

During this transitional period, JBG President & CEO, Mr. Christopher Levy, will oversee US operations directly, ensuring that necessary corrective measures are implemented to restore profitability and operational efficiency.

Looking Ahead: The Road to Recovery

Jamaica Broilers Group now faces the challenge of stabilizing its US operations while reinforcing its financial health. The company’s commitment to engaging external expertise and reassessing operational frameworks suggests a strong intent to rectify existing issues. However, investors and stakeholders will closely monitor how effectively JBG can execute these turnaround efforts.

While the departure of Stephen Levy marks the end of an era for JBG’s US segment, it also signals a crucial moment of introspection and course correction for the group. The next few quarters will be critical in determining whether JBG can regain financial stability and rebuild investor confidence in its future prospects.

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Listing GraceKennedy Financial Group on the JSE

The acquisition and delisting of Key Insurance and the potential listing of GraceKennedy Financial Group on the JSE represent a transformative strategy. This approach not only streamlines the group’s organizational structure but also positions it to capitalize on emerging opportunities in the financial services industry, ultimately driving value for customers and shareholders alike.

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GraceKennedy Financial Group’s (GKFG) recent J$403.71 million bid to acquire the remaining 27% of Key Insurance Company Limited (Key) presents a pivotal opportunity for strategic restructuring within the GraceKennedy conglomerate.

Currently holding approximately 73% of Key’s shares, GKFG’s move towards full ownership could lead to significant organizational changes, including the potential delisting of Key from the Jamaica Stock Exchange (JSE) and the subsequent listing of GKFG.

Delisting Key Insurance from the JSE

Under the JSE Main Market rules, a company may be delisted if a single shareholder controls more than 80% of its listed shares . Should GKFG’s acquisition increase its stake in Key beyond this threshold, delisting becomes a probable outcome. This would allow GraceKennedy to integrate Key’s operations more seamlessly into its financial services division, enhancing operational efficiencies and strategic alignment.

 

Listing GraceKennedy Financial Group on the JSE

Introducing GKFG as a listed entity on the JSE’s Main Market could offer several strategic advantages:

Consolidation of Financial Services: Listing GKFG would enable the consolidation of GraceKennedy’s insurance, banking, and financial subsidiaries under a single holding company. This unified structure could streamline operations, reduce redundancies, and present a cohesive financial services portfolio to investors.

Enhanced Capital Raising Opportunities: As a publicly listed entity, GKFG would have direct access to equity markets, facilitating capital raising for expansion initiatives, strategic acquisitions, and technological investments. This access is crucial for staying competitive in the rapidly evolving financial services sector.

Increased Market Visibility and Investor Confidence: A publicly traded GKFG would likely attract a broader investor base, enhancing market visibility. Transparency associated with public listings can bolster investor confidence, potentially leading to a higher valuation and increased shareholder value.

Strategic Implications and Future Outlook

The potential restructuring aligns with GraceKennedy’s long-term vision of becoming a global consumer group by 2030, focusing on both food and financial services . By fully integrating Key Insurance into GKFG and positioning GKFG as a listed entity, GraceKennedy can leverage synergies across its financial services, drive innovation, and enhance customer offerings.

Moreover, this move could set a precedent for other conglomerates in the Caribbean, demonstrating the benefits of strategic realignment and market repositioning to achieve growth and operational excellence.

In conclusion, the acquisition and delisting of Key Insurance and the potential listing of GraceKennedy Financial Group on the JSE represent a transformative strategy. This approach not only streamlines the group’s organizational structure but also positions it to capitalize on emerging opportunities in the financial services industry, ultimately driving value for customers and shareholders alike.

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GraceKennedy Financial Group Moves to Fully Acquire Key Insurance

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GraceKennedy Financial Group (GKFG), the financial services division of GraceKennedy Limited (GK), has announced a J$403.71 million takeover bid to acquire the remaining 27% of Key Insurance Company Limited (Key). This strategic move reinforces GKFG’s commitment to expanding its presence in the general insurance market while driving growth and value for customers and shareholders.

GKFG, which currently holds approximately 73% of Key’s shares, is offering J$2.70 per share. The offer opens on March 24, 2025, and closes on April 22, 2025. Deputy CEO of GKFG, Steven Whittingham, who oversees GK’s insurance segment, highlighted the benefits of the acquisition, “This transaction aligns with GK’s strategy of unlocking value in the general insurance sector. By fully incorporating Key into GKFG, we can enhance efficiencies and strengthen our competitive position. Our focus remains on innovation, customer satisfaction, long-term stability, and delivering superior products and services.”

Grace Burnett, CEO of GKFG, emphasized GK’s longstanding commitment to general insurance, “GK has been serving general insurance customers for over 50 years. Since acquiring a majority stake in Key Insurance in 2020, we have significantly strengthened its operations and expanded its market reach. Key marked its 40th anniversary in 2022 and has built a reputation for reliability and excellence over the decades. We are dedicated to preserving that legacy while driving future growth for the business.”

GraceKennedy Group CEO, Frank James, noted that the move supports GK’s Vision, which includes a focus on expanding and enhancing the Group’s financial services and delivering strong shareholder returns.

“GKFG’s bid to acquire full ownership of Key underscores GK’s commitment to maximizing stakeholder value. The transaction is expected to unlock operational efficiencies, drive synergies, and enhance customer service, solidifying Key Insurance’s role within our Group.”

Key Insurance is currently listed on the Main Market of the Jamaica Stock Exchange (JSE).

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