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Corporate Movements – July 2019

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Fosrich Company Limited (FOSRICH) has advised of the following changes in management:
Mr. Warren Riley ceased to be the Commercial & Operations Manager on November 12, 2018 and as that date, reverted to the office of Senior Accountant
Mr. Richard Trusty, who was appointed Commercial & Operations Manager effective November 12, 2018, resigned effective March 14, 2019
Miss Michelle Thame was appointed Operations & Human Resource Manager effective July 1, 2019
Mr. David Ffrench was appointed Business & Relationship Manager effective January 2, 2019

Supreme Ventures Limited (SVL)has advised that Ms. Cheryl Hylton, Chief Information Officer, has resigned effective July 31,2019. In the interim, Senior Vice President for Operations, Nicholas Browne will assume responsibilities for the information technology portfolio.

Gwest Corporation Limited (GWEST) has advised that Ms. Marce HayLes resigned from her position of GWEST’s Chief Executive Officer, effective July 5, 2019. GWEST further advised that Ms. HayLes resignation is in keeping with staff rationalization strategy being undertaken by the Company.

Lasco Financial Services Limited (LASF) has advised that Mr. Kenneth Sylvester was appointed to LASF’s Board of Directors on July 5, 2019.

Sagicor Group Jamaica Limited (SJ) has advised that at a special meeting of the Board of Directors of their subsidiary company, Sagicor Bank Jamaica Limited, Mr. Bruce James was appointed the Chairman of the Board with effect from July 8, 2019. SJ further advised that Mr. James, a Director since 2011, succeeds Mr. Richard Byles who resigned as Director and Chairman of SJ’s Board on June 30, 2019.

Sagicor Group Jamaica Limited (SJ) has advised that at a special meeting of the Board of Directors of their subsidiary company, Sagicor Investments Jamaica Limited, Mr. Christopher Zacca was appointed the Chairman of the Board with effect from July 8, 2019.
SJ further advised that Mr. Zacca succeeds Mr. Peter Melhado who resigned from the Board of Sagicor Investments Jamaica Limited, consequent upon his appointment as SJ’s Chairman.

iCreate Limited (ICREATE) has advised that Mrs. Sandra Glasgow tendered her resignation as Chairman and Board Member from the Board of iCreate Limited, effective July 5, 2019.

“Under her leadership and stewardship, Mrs. Glasgow successfully navigated the Company’s listing on the Junior Market of the Jamaica Stock Exchange. The Board wishes to express its sincere gratitude for her service to iCreate Limited,” states ICREATE.

ICREATE also advised that at a Board Meeting on July 4, 2019, the Board appointed Mr. Lissant Mitchell as Director and Chairman of the Board effective July 5, 2019. Mr. Mitchell was also appointed as Mentor to the Company.

“Mr. Mitchell is an experienced and driven executive with a successful career spanning twenty-five years in the Financial Industry, twenty of which have been at the management, senior management and executive levels, with tenures at local institutions as well as affiliates/subsidiaries of regional and international financial groups. He has a proven track record in designing and executing long term sustainable strategic priorities and change management initiatives. Mr. Mitchell has also served on a number of boards including that of the Jamaica Stock Exchange Limited, and Scotia Investments Jamaica Limited where he also served as its CEO.

“The Board and Management of iCreate look forward to the continued growth of the Company under the leadership of Mr. Mitchell,” ICREATE states.

Victoria Mutual Investments Limited (VMIL) has advised that Mrs. Karlene Mullings, Head of Sales and Client Services of Victoria Mutual Wealth Management Limited; a subsidiary of VMIL, is no longer with the organization, effective June 30, 2019.

Barita Investments Limited (BIL) has advised that Ms. Jacqueline Peart has resigned her post as Financial Controller of BIL, effective July 31, 2019.

Dolphin Cove Limited (DCOVE) has advised that Director, Mr. Travis Burke has resigned from the board with effect June 1, 2019.

138 Student Living Jamaica Limited (138SL) has advised that Mr. Richard Byles has resigned from his position as Chairman of the Board and its subsidiary effective June 30, 2019. 138SL has also advised that at a Board meeting held on July 3, 2019, the Board approved the appointment of Director, Ian Parsard, to the position of Chairman.

Sagicor Group Jamaica Limited (SJ) SJ has advised that consequent upon the announced appointment of Mr. Richard Byles to the post of Governor of the Bank of Jamaica, Mr. Byles has resigned as Chairman and/or Director of SJ, its subsidiaries and all Board Committees as at June 30, 2019.
SJ further advised that as an interim measure, Dr. the Hon. R.D Williams was appointed as Chairman to preside over the Company’s Annual General Meeting held on July 1, 2019 at 3:00 p.m. At a special Meeting of Directors held on July 1, 2019, Peter Melhado was appointed the Chairman of SJ effective July 2, 2019.
Mr. Melhado was also appointed Director and Chairman of the following subsidiaries:
Sagicor Life Jamaica;
• Sagicor Life of the Cayman Islands Ltd
;
He will continue as a Director of Sagicor Bank Jamaica Limited but will demit office from the Board of Sagicor Investments Jamaica Limited.

Medical Disposables and Supplies Limited (MDS) has advised of the appointment of the following managers:
Mr. Sheldon Rose, Operations Manager, effective May 6, 2019
Mr. Louis Manning, Sales & Marketing Manager (Consumer Division) effective June 17, 2019
Mrs. Antoinette McDonald, Divisional Sales Manager (Dr. Reddy’s Laboratories and Medical), effective April 1, 2018.

Scotia Group Jamaica Limited (SGJ) has advised of the appointment of Mrs. Debra Lopez Spence as Vice President, Sales and Service Insurance & Wealth effective July 1, 2019.

138 Student Living Jamaica Limited (138SL) has advised of the appointment of Mr. Cranston Ewan as Chief Executive Officer (CEO) of the Company and its subsidiary as of June 24, 2019.
138SL has also advised that Ms. Rose Hamilton, the present CEO, will go into retirement effective July 18, 2019.
138SL further advised that Director, Mr. Ian Parsard, has been appointed to the Audit Committee of the Board effective July 1, 2019.

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Tyrone Wilson Returns to iCREATE LIMITED In Dramatic Fashion Played Out At Annual General Meeting

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iCreate Limited (“iCreate” or “Company”) recently held its Annual General Meeting (“AGM”) on Friday, November 24, 2023 for the financial year ended December 31, 2022. Upon the demand of a poll and after the ordinary and special resolutions were voted on by the shareholders, the results of each resolution are as follows: –

Resolution No. 1
“THAT the Reports of the Directors and Auditors and the Audited Financial Statements for the year ended December 31, 2022 be received and adopted.”
Result: This resolution was passed by a majority of the shareholders in attendance. There were no votes recorded against the passage of this resolution.

Resolution No. 2 (a)
“THAT the Directors, retire by rotation upon the expiration of one year (1) year and be re-elected and appointed by a single resolution.”
Result: This resolution was not passed as a majority of the shareholders voted against same.

Resolution No. 2 (b)
“THAT Ms. Arlene Martin who retires by rotation and being eligible for re-election be and is hereby reelected and appointed as a Director of the Company.”
Result: This resolution was not passed as a majority of the shareholders voted against same.

Resolution No. 2 (c)
“THAT Mr. Ricardo Allen who retires by rotation and being eligible for re-election be and is hereby re-elected and appointed as a Director of the Company.”
Result: This resolution was not passed as a majority of the shareholders voted against same.

Resolution No. 2 (d)
“THAT Mrs. Dainya-Joy Wint who retires by rotation and being eligible for re-election be and is hereby reelected and appointed as a Director of the Company.”
Result: This resolution was not passed as a majority of the shareholders voted against same.

Resolution No. 2 (e)
“THAT Mr. Larren Peart who retires by rotation and being eligible for re-election be and is hereby re-elected and appointed as a Director of the Company.”
Result: This resolution was passed by a majority of the shareholders in attendance. There were no votes recorded against the passage of this resolution.

Resolution No. 2 (f)
“THAT Mr. Ivan Carter who retires by rotation and being eligible for re-election be and is hereby re-elected and appointed as a Director of the Company.”
Result: This resolution was not passed as a majority of the shareholders voted against same.

Resolution No. 2 (g)
“THAT Mr. Adrian Smith who retires by rotation and being eligible for re-election be and is hereby re-elected and appointed as a Director of the Company.”
Result: This resolution was passed by a majority of the shareholders in attendance. There were no votes recorded against the passage of this resolution.

Resolution No. 3
“THAT the remuneration of the Directors be determined by the Board of Directors upon their re-election for the ensuing year.”
Result: This resolution was passed by a majority of the shareholders in attendance. There were no votes recorded against the passage of this resolution.

Resolution No. 4
“THAT CrichtonMullings & Associates, Chartered Accountants, having agreed to continue in office as auditors, be and are hereby appointed Auditors of the Company, to hold office until the next Annual General Meeting at a remuneration to be fixed by the Directors of the Company.”
Result: This resolution was not passed as a majority of the shareholders voted against same.

Resolution No. 5
“THAT Article 99 of the Company’s Articles of Incorporation be amended, approved and adopted by the Company to permit for the retirement, re-election and appointment of Directors to be done on a three (3) year rotation and the Directors be authorised and directed to register such amendment to the Company’s Articles of Incorporation with the Office of the Registrar of Companies as the Board of Directors of the Company may deem appropriate after receiving requisitions from the Office of the Registrar of Companies Registrar, by replacing and/or amending Article 99 to provide as follows: –

“At the first Annual General Meeting of the Company all the Directors shall retire from office, and at the Annual General Meeting in every subsequent year, one-third of the Directors for the time being or, if their number is not three (3) or a multiple of three (3), the number nearest one third (1/3) all of the Directors for the time being shall likewise retire from office.”

Result: This resolution was not passed as a majority of the shareholders voted against same.

Upon Notices being submitted to the Company of the proposal to nominate Mr. Tyrone Wilson at the AGM as a Director of iCreate and his acceptance thereof, this resolution was transacted under any other business which could be properly be brought before the AGM. This resolution was moved and seconded and put to a vote by the shareholders. The resolution was passed by a majority of the shareholders in attendance. There were no votes recorded against the passage of this resolution and Mr. Wilson was subsequently appointed as a Director of the Company with immediate effect.

The status of the Company as at November 24, 2023 is as follows: –
1. Directors: Mr. Tyrone Wilson (non-independent executive director);
Mr. Larren Peart (independent non-executive director); and
Mr. Adrian Smith (independent non-executive director)
2. The Company is without an Auditor.
The Company will be filling the casual vacancies in short order and securing the services and appointment of an Auditor so as to ensure compliance of the relevant sections of the JSE Junior Market Rules.

The Company wishes to express its gratitude to the shareholders who attended and participated at the AGM and its Management team.

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Corporate Movements

Corporate Movements- December 2023

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Dolla Financial Services Limited (“DOLLA”) wishes to advise that Ms. Alison Lynn, Financial Consultant, and Mr. Walter Scott, Attorney-at-Law King’s Council, have been invited to join DOLLA’s Board of Directors subject to the approval of the Bank of Jamaica in accordance with the Microcredit Act of Jamaica.

Supreme Ventures Limited wishes to advise of the resignation of Mr. Walter Scott, KC as a Director and Chairman of its subsidiary McKayla Financial Services Limited effective November 30, 2023. The company would like to thank Mr. Scott for his invaluable contribution to the Board of McKayla and would like to wish him all the best in his future endeavors.

iCreate Limited (“iCreate” or “Company”) wishes to advise that as at November 24, 2023, the following resignations were effective: –
1. Ms. Arlene Martin resigned from the post of Interim Chief Executive Officer and as Director of the iCreate subsidiary of Visual Vibe.Com; and
2. Mr. Ivan Carter resigned as Director of the iCreate subsidiaries of Visual Vibe.Com and GetPaid Limited.
With respect to the Company/Corporate Secretary, Mr. Demetrie Adams, his resignation takes effect as at December 31, 2023.
The Board of Directors of iCreate wishes to wholeheartedly thank Messrs. Martin, Carter and Adams for their invaluable service to the Company over the years and wish them all the very best in their future endeavours.

 

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Dolla Financial Services Announces Successful Approval Of J$500 Million Credit Facility

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DOLLA is announcing that the Company has been approved as an accredited Micro Finance institution (MFI) by the Development Bank of Jamaica (DBJ). With this status, DOLLA now qualifies for funding and has been approved for a J$500 Million facility under their Micro Small and Medium sized Enterprise (MSME) Line of Credit to be disbursed and managed by Mayberry Investments Limited.

This substantial funding marks a key strategic move for DOLLA, underlining its dedication to growth and innovation in the microfinance industry. The company expresses excitement and gratitude for the support received from the Development Bank of Jamaica (DBJ). This approval from DBJ not only attests to DOLLA’s financial stability and vision but also contributes to the economic landscape. DOLLA remains steadfast in delivering value to its stakeholders and fostering positive change within the microfinance industry.

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Digicel Group Appointments Rajeev Suri As Chairman Designate

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Digicel is pleased to announce the appointment of Rajeev Suri as Chairman Designate of Digicel Group, the leading digital provider in 25 markets across the Caribbean and Central America.

Rajeev will succeed Denis O’Brien post implementation of the previously announced Restructuring Services Agreement [RSA]. Mr O’Brien will continue to serve on the Board and remain a shareholder in the company.

Implementation of the RSA will see the Digicel shareholder consortium led by PGIM, Contrarian Capital Management, and GoldenTree Asset Management gain a controlling stake in the company. Rajeev will continue to be based in London.

The incoming shareholders of Digicel in a joint statement said; “Rajeev has a proven track record of transformative delivery and with a strengthened balance sheet, we see considerable potential to grow value and profitability at Digicel.”

Commenting, Denis O’Brien, Digicel’s Founder said; “I am delighted to welcome Rajeev as Chairman Designate. Given his impressive track record of delivery over 35 years, I know he will both add value and create value for all our stakeholders. He joins superb local teams across the Caribbean and Central America with whom it has been my privilege to work for over 25 years. He is the ideal leader to deliver on Digicel’s next phase of growth.”

Commenting Rajeev Suri, Chairman Designate said; “I want to thank Gregory Cass, Principal, PGIM, Pat Dyson, Partner, GoldenTree Asset Management, Xiao Song, Managing Director, Contrarian Capital Management, Denis O’ Brien, Digicel’s Founder and all the shareholders of Digicel for welcoming me into the company. Denis has built a fantastic company with leading positions in the markets it serves. I look forward to getting on the road to meet our customers and employees and continuing to strengthen the company’s board and leadership team to take the company forward in this next chapter.”

Mr. Suri has worked in the telecom industry for around 35 years, most recently as Chief Executive Officer of Inmarsat from March 2021 until its acquisition by Viasat in May 2023. He joined Inmarsat from Nokia, where he was President and Chief Executive Officer from 2014 to 2020, having served as Chief Executive Officer of Nokia Siemens Networks since 2009. He was a Commissioner of the United Nations Broadband Commission and served as Chair of the Global Satellite Operators Association (GSOA).

As CEO of Inmarsat, a global mobile satellite communications services company, he delivered record financial performance and provided a successful exit for the company’s private equity and pension fund shareholders.

When at Nokia and Nokia Siemens Networks, Rajeev took a business valued at around €1 billion and increased that to more than €25 billion, creating one of the top two global leaders in telecommunications network infrastructure. He also led the sector’s consolidation, improving the health of the company and the industry.

Previously, Mr. Suri served as co-chair of the digitalisation task force for the B20 and he was also a member of various digital and healthcare committees at the World Economic Forum and is a past recipient of China’s prestigious Marco Polo award. Mr. Suri currently serves as a director of Stryker Corporation, Viasat and Singtel. He holds a B.E. in Electronics and Communications and an honorary doctorate from Manipal University.

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A.S. Bryden & Sons Holdings Limited Lists On The JSE’s Main Market And USD Equities Market

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A.S. Bryden & Sons Holdings Limited, a Trinidadian company acquired by Seprod Limited, officially listed its ordinary shares on the Main Market of the Jamaica Stock Exchange (JSE) and its Class A Preference Shares on the JSE USD Equities Market on November 10, 2023, by Introduction. The Company being the first to list on the Main Market and USD Equities Market of the JSE in 2023. The Company commenced trading of the ordinary shares under the short name ASBH at a price of JA$22.50 on the Main Market and the Preference Shares under the short name ASBH6.00 at a price of US$1.00 on the USD Equities Market.

ASBH is the 52nd company to list on the JSE’s Main Market, 14th company on the USD Equities Market and the 102 company listed overall on the JSE. The listing of A.S. Bryden & Sons Holdings Limited has increased to twelve (12), the new securities that are listed on the JSE since January 2023.

“The total money raised on the market shows that equity capital is the way to finance your business, especially during a high interest rate regime, said the delighted Group Business Development Manager of the Jamaica Stock Exchange, Mr. Andre Gooden, in his welcoming remarks at the Listing Ceremony. He informed the audience that the market capitalization of ASBH at $31.27 billion had increased the market capitalization of the Main Market to over $1.61 trillion and the overall market capitalization of the JSE’s combined markets to $1.8 trillion. Mr. Gooden added that since the start of the year, a total of JA$18.74 billion (approximately US$122.12 million) was raised by way of Initial Public Offers (IPOs), Additional Public Offer (APO) and private offers.

Describing the JSE as the most vibrant stock exchange in the Caribbean in which to participate, Mr. Richard Pandohie, Chief Executive Officer of A.S. Bryden & Sons Holdings Limited, in his remarks to the audience revealed that the Bryden Group which had been in private hands for 99 years, as part of its 100th year Anniversary, was allowing investors to participate in its journey. He also described the Company as being part of the fabric of Trinidad and Tobago and noted with satisfaction that 54% of the employees had chosen to buy shares in the Company.

“Today we are witnessing a major milestone in the evolution of the Seprod Group allowing investors to participate in its journey,” said Mr. Pandohie. He said that ASBH is the biggest acquisition in the history of the Seprod Group and added that the public and investors across the Caribbean can anticipate more big plans from the Company. He disclosed that the Company was in the process of building a US$30m distribution centre in Trinidad and will be expanding its footprints in Guyana and Barbados. Mr. Pandohie further explained that the current listings of shares on the JSE was not about raising funds at this time but to position the Company to efficiently access capital if the need arises. In highlighting the growth of the Company since its acquisition by Seprod Limited, Mr. Pandohie stated that ASBH workforce had expanded from 1,263 to 1,565. He gave huge thanks to the employees, JSE, Financial Services Commission, NCB Capital Markets Limited (broker), the professional service providers, business partners, investors and customers for the unwavering support given to the Company.

In his remarks, Mr. Alex Johnson, Manager – Origination & Structuring at NCB Capital Markets Limited, the broker of the listing, congratulated ASBH for successfully listing on the JSE and for choosing NCB Capital Markets Limited as their broker. He further remarked that it was fitting that the JSE was chosen as the platform to go public as the Company commemorates its 100th year anniversary. He further tipped the audience that Seprod Limited had been consistent in paying dividends and hence he sees current and future new investors also receiving significant benefit from investing in ASBH’s shares, its newest subsidiary.

About A.S. Bryden & Sons Holdings Limited (ASBH)
A.S. Bryden & Sons Holdings Limited was incorporated in Trinidad and Tobago on July 1, 1999. The Company serves as the non-operating parent company of the Bryden’s Group of Companies. A.S. Bryden & Sons Holdings Limited (“A.S. Bryden”) is a consumer products distributor in Trinidad and distributes food, pharmaceuticals, hardware, houseware and industrial equipment. It is a partner of choice for global principals and has its own brands. It has significant market share in Trinidad with smaller presence in Barbados and Guyana. A.S. Bryden operates through three principal operating subsidiaries A.S. Bryden & Sons (Trinidad) Limited (“ASBT”), Bryden pi Limited (“Bryden pi”) and F.T. Farfan Limited (“F.T. Farfan”).
Seprod Limited is the majority shareholder.

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