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Corporate Movements July 2020

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Portland JSX Limited (JSX) has advised that Mrs. Holly Hughes-McNamara resigned from the Board of Directors of the Company on July 10, 2020 and by extension its Audit Committee. “The resignation of Mrs. McNamara from the Audit Committee is not related to any disagreement in respect of accounting principles or practices, financial statement disclosure or any other material issue impacting on the Committee or her ability to properly carry out the functions delegated by the Board,” states PJX.

CAC 2000 Limited (CAC) advised that as at July 10, 2020, Mr Glaister Cunningham, Senior Project Manager, is no longer with CAC 2000 Limited.

PanJam Investment Limited (PJAM) has advised of the resignation of Mr Stephen Phillibert, Chief Financial Officer of the Company, effective July 31, 2020.

Salada Foods Jamaica Limited (SALF) has advised that Mrs Lorna Lewis, former Operations Manager for the Company retired, effective June 30, 2020, and that Mr Steven Lloyd who was in training for the position by Mrs Lewis since the month of February 2020. has been appointed Operations Manager, effective June 30, 2020.

Key Insurance Company Limited has advised that Mr Stuart Andrade has been appointed to the position of Chief Financial Officer with effect as of July 1, 2020. “Prior to this appointment, he worked for two years in the capacity of Assistant Financial Controller, Insurance Segment, GraceKennedy Financial Group Limited. Mr Andrade has been with GraceKennedy Group for over fourteen (14) years and has approximately twenty (20) experience working in finance.

Mayberry Investments Limited (MIL) MIL has advised that Mrs Dianne Tomlinson-Smith has resigned from her post as Chief Financial Officer, effective July 7, 2020. MIL has also advised that Ms Shadaya Small has resigned from her post as AVP – Research, effective August 21, 2020. Ms Small, however, has discontinued carrying out her duties as of June 26, 2020.

Barita Investments Limited (BIL) has advised of the following Senior Management appointments within the Company: Mrs Judith Najair Vice President – Operations January 2, 2020, and Ms Terise Kettle Vice President – Investment Banking March 2, 2020

Jamaica Money Market Brokers Limited (JMMBGL) has advised that Kwame Brooks, who currently holds the position of General Manager, Trading and Treasury, will assume the additional responsibility/role of Country Treasurer, effective July 1, 2020.

“Kwame is an astute market maker, who is able to extract exceptional returns from capital deployed due to his superior trading instincts, as well as his knowledge and command of the market. Kwame is excellent at connecting the dots quickly, spotting lucrative opportunities and making very profitable business calls. In his new role, Kwame will continue to leverage these strengths to identify opportunities that will maximize the profitability of the country’s treasury solutions in the best interest of our clients and companies in Jamaica,” states JMMBGL.

Jamaica Money Market Brokers Limited (JMMBGL) has advised that Keisha Forbes has been promoted into the role of Chief Country Officer (Jamaica).

“Keisha has served as the Chief Executive Officer of JMMB since November 2014, and she will continue to hold this position. In her role as Chief Country Officer, she will have oversight and responsibility for the Jamaican entities. Keisha has over fifteen (15) years’ experience in the financial sector and holds an MBA in Banking and Finance, as well as a BSc. In Business Professional Management. Keisha is committed to supporting and leading a positive and engaged team and she is guided by her belief that financial partnership with our clients is not just a ‘buzz phrase’ but our entire way of being,” states JMMBGL.

NCB takes steps to support team and customers in light of operational changes and separations
In May 2020, the National Commercial Bank Jamaica Limited (“NCB”) announced that by July 2020, it
would be closing three branches and continuing the roll out of the branch model where cash transactions
are facilitated exclusively via the 24/7 Bank on the Go areas in up to 14 branches.
CEO Bob Blake shared: “We piloted these changes pre-COVID and saw where the migration of cash
transactions to alternative channels resulted in increased capacity of team members, which allowed for
more meaningful connections with our customers and an overall enhanced service experience. Since our
announcement, we have been listening to our customers. We will be improving the Bank on the Go
facilities for our Annotto Bay and Half Moon customers; additionally, the Bank on the Go facilities will
remain to service our customers in Chapelton. We have assigned additional resources in our Customer
Care Centre and branches to better assist our customers in the online banking sign up process. We have
also recently signed agreements with Digicel and Flow, which allow our customers to access our online
banking, online investment, and Quisk solutions free of charge from their mobile devices. In addition, our
Bank on the Go areas are available island-wide 24/7 and allow customers to deposit cash and cheques
and pay utility bills and credit cards free of cost. ”
According to Blake, consultations with NCB’s Staff Association commenced prior to the May 2020
announcement.
“We have had extensive consultations with our Staff Association as we finalized the team changes that
come with these operating model changes. While we have been able to redeploy some team members to
new roles, 121 roles will become redundant beginning July 10, 2020. We have a number of measures in
place to support our team members through this transition, and more broadly to ready our team for the
new normal. Team members leaving the organisation will be able to access career counselling, training in
areas such as software development, agile and digital marketing, seed funding for entrepreneurial
pursuits and their full entitlement of benefits. Every single team member leaving remains a part of our
family and has contributed to NCB’s legacy, and for that, we are forever grateful. Team members that
remain with the organisation will also have access to counselling and will benefit from courses being rolled
out by the organisation’s School of Digital Transformation and Analytics to prepare them for roles in our
new operating model and more generally to thrive in the new economy.”
In closing, Blake shared: We are grateful for every team member and customer. We are still in very
uncertain times and a new normal of constant change is firmly upon us. NCB will continue to make changes
and evolve our business model in order to stay ahead of these unprecedented changes. We remain
committed to elevating the standard of service we deliver to our customers, and remaining resilient and
viable.”

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Businessuite News24

GCT Exemption Threshold for MSMEs Increased to JA$15 Million

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The Government of Jamaica has announced an increase in the General Consumption Tax (GCT) exemption threshold from $10 million to $15 million for micro, small and medium-sized enterprises (MSMEs).

Minister of Finance and the Public Service, Hon. Fayval Williams, in opening the 2025/26 Budget Debate in the House of Representatives on March 11, said the change is aimed at supporting the growth and development of small businesses.

Mrs. Williams said the latest figures from the Small Business Association of Jamaica (SBAJ) show that there are an estimated 422,000 registered small businesses in Jamaica, generating 80 per cent of the jobs in the Jamaican economy.

“This means 1,136,240 persons in our workforce are employed by MSMEs,” the Finance Minister noted.

In addition, the Minister said the Government has allocated $2 billion to support MSMEs.

“[The sum of] $2 billion is in the Budget for the Development Bank of Jamaica (DBJ) to allow them to continue to facilitate sustainable growth of start-ups and MSMEs, and to continue to support women-led initiatives, entrepreneurship training, including digital skills bootcamp,” she outlined.

The DBJ is a public body in the Ministry of Economic Growth and Job Creation that channels financing to MSMEs, as well as large projects, to facilitate economic growth and development.

“It will continue to pursue innovative means of mobilising funding and leveraging private-sector investment and expertise through its venture capital programme, as well as public-private partnerships and privatisation transactions,” Mrs. Williams said.

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Businessuite News24

JA$2 Billion in Support to Jamaican MSMES

“Small business owners have said to me that opening a bank account for their business is difficult. They feel there’s no difference between the requirements for them as MSMEs, as opposed to a very large institution,” she noted.

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The Development Bank of Jamaica (DBJ) has been allocated $2 billion in the 2025/26 Estimates of Expenditure to support funding to the micro, small and medium-sized enterprise (MSME) sector.

Minister of Finance and the Public Service, Hon. Fayval Williams, made the disclosure while delivering the opening presentation in the 2025/26 Budget Debate in the House of Representatives on Tuesday (March 11).

“It (the DBJ) will continue to pursue innovative means of mobilising funding and leveraging private-sector investment and expertise through its venture capital programme, as well as public-private partnerships and privatisation transactions,” she informed.

Mrs. Williams noted the Government’s commitment to the MSME sector, which includes an estimated 422,000 registered small businesses, generating 80 per cent of the jobs in the economy.

Approximately 1,136,240 persons are employed by MSMEs.

The Minister acknowledged that there are several issues facing the sector, including lack of equitable access to financing, high interest rates and cumbersome requirements for opening bank accounts.

“Small business owners have said to me that opening a bank account for their business is difficult. They feel there’s no difference between the requirements for them as MSMEs, as opposed to a very large institution,” she noted.

She pledged to work with Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, to reduce the requirements for the entities to open bank accounts.

The Finance Minister noted, further, that Government will be increasing the General Consumption Tax (GCT) exemption for small businesses from $10 million to $15 million.

By: Donique Weston JIS

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Businessuite News24

Jamaica Open For High-Value Agricultural Investments – Minister Green

“Now is the time for high-value agricultural investment, right here in Jamaica. Things that we produce in Jamaica are sought after all over the world. As such, we do believe there are significant opportunities now in agro processing,” Mr. Green said.

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Jamaica is being touted as a prime destination for high-value agricultural investments.

Minister of Agriculture, Fisheries and Mining, Hon. Floyd Green, highlighted that the country is at a pivotal stage in its transformation, pointing out that the Ministry’s key objectives are to drive investment, expand trade, and strengthen food security.

“To achieve this objective, the nation must collaborate with its international partners,” he told members of the Diplomatic Corps on Wednesday (March 12).

Minister Green said Jamaica, having seen a declining debt-to-GDP ratio and myriad other positive economic outcomes in recent years, is well positioned to take advantage of global opportunities.

He was speaking during a Ministerial Briefing at the Ministry of Foreign Affairs and Foreign Trade in downtown Kingston, which formed part of activities marking Diplomatic Week 2025.

Mr. Green said while Jamaica currently benefits from several trade arrangements with its regional partners, the Government wants to expand the global footprint in trade and investment.

“What we want to see from my Ministry’s perspective [is] how we can leverage these arrangements to do much more. As such, we want to work with you (the diplomatic corps) to drive trade expansion, to reduce market barriers and to facilitate direct connections with importers and distributors so that we can expand our exports,” the Minister outlined.

He added that there are significant investment opportunities and win-win proposals for Jamaica and its partners.

“Now is the time for high-value agricultural investment, right here in Jamaica. Things that we produce in Jamaica are sought after all over the world. As such, we do believe there are significant opportunities now in agro processing,” Mr. Green said.

The Minister emphasised that one area now ripe for investments is orchard crop farming.

“We do have land available for investment in orchard crops. In fact, we’ve developed our first ever mango orchard, or mango agro park, where we invite private-sector investors to come in and establish 50-acre blocks of mango farms. That is going well. In fact, we’ve already established about 200 acres. We want to establish another 300 acres in this financial year,” the Minister outlined.

Mr. Green also touted opportunities in livestock farming and the dairy industry, noting that Jamaica is looking to leverage partnerships in this area.

“We want to facilitate greater bilateral discussions between you and your home countries with Jamaica’s agricultural sector around investment… around connecting investors with local projects that can accelerate economic growth,” he told the diplomats.

Mr. Green pointed out that Jamaica’s collaboration with its international partners has been instrumental in advancing the nation’s economic agenda.

By: Donique Weston, JIS

Photo: Yhomo Hutchinson

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Powering the Future: How Tech and Policy Are Driving Explosive Growth in Energy Storage, Renewables, and EVs

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The energy storage, renewable energy, and electric vehicle (EV) industries are experiencing significant growth, driven by technological advancements and policy support.

Energy Storage Sector

The global energy storage market is projected to expand from USD 416.02 billion in 2025 to USD 841.19 billion by 2033, reflecting a compound annual growth rate (CAGR) of 9.2% (Straits Research, 2024). This growth is primarily attributed to the increasing integration of renewable energy sources and the need for grid stability. In the United States, battery energy storage capacity is expected to nearly double by 2024, reaching over 30 gigawatts (U.S. Energy Information Administration, 2023).Mission-Critical Energy Storage Battery Pack Sector.

Mission-Critical Energy Storage Battery Pack Sector

The demand for mission-critical energy storage solutions is intensifying, particularly in sectors requiring an uninterrupted power supply, such as data centres and healthcare facilities. The U.S. battery energy storage system market is anticipated to witness a CAGR of 30.5% from 2024 to 2030, reaching USD 4.4 billion by 2030 (Grand View Research, 2023). This surge is driven by the need for reliable backup power and the integration of renewable energy sources into critical infrastructure.

Renewable Energy Industry

The renewable energy sector is undergoing rapid expansion. In 2024, the United States added 48.2 gigawatts of solar, wind, and battery storage capacity, a 47% increase from the previous year (The Guardian, 2025). Declining costs and supportive policies like the Inflation Reduction Act 2022 propel this growth. Globally, China has made significant strides, adding clean energy generation in the first half of 2024, equivalent to the entire electricity output of the United Kingdom for the previous year (The Guardian, 2024).

Electric Vehicle Industry

The EV market is expanding swiftly. In 2023, electric cars accounted for approximately 18% of all vehicles sold globally, up from 14% in 2022 (International Energy Agency, 2024). Projections indicate that by 2024, 25% of all new passenger car registrations will be electric, surpassing 17 million units in sales worldwide (GreenMatch, 2024). This trend is supported by technological advancements, increased consumer acceptance, and policy incentives to reduce carbon emissions. These industries are experiencing robust growth, driven by technological innovation, policy support, and a global shift towards sustainable energy solutions.

Extracted from Alexander Melville Chief Executive Officer Tropical Battery Company Limited (TROPICAL) – Interim Financial Statements For The First Quarter Ended December 31, 2024

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Corporate Movements: Margaret Campbell Appointed CEO of GKMS Group; Lee-Anne Bruce Named COO

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GraceKennedy Limited (GK) is pleased to announce leadership changes at GraceKennedy Money Services (GKMS) as part of its ongoing succession plan and strategic talent development and deployment.

Effective April 1, 2025, Margaret Campbell will assume the role of Chief Executive Officer (CEO) of the GKMS Group. Campbell, who has worked with GKMS for over 25 years, has served as its Chief Operating Officer (COO) since 2020. She joined GKMS in 1996 and has held several leadership roles during her tenure including, Financial Controller, Chief Financial Officer (CFO), and Country Manager for GKMS Jamaica. A Fellow Certified Chartered Accountant, Campbell also holds an MBA in Finance from the University of Manchester and serves on several GK subsidiary boards. She is also the current President of the Jamaica Money Remitters Association.

Frank James, Group CEO of GraceKennedy, expressed confidence in Campbell’s leadership, stating, “Margaret has demonstrated strong leadership and an unwavering commitment to providing exceptional value and convenience to our customers across Jamaica and the wider Caribbean, in keeping with our vision of being the number one Caribbean brand in the world. I have no doubt she will continue to drive GKMS forward.”

Grace Burnett, CEO of GKFG, added, “Margaret’s industry expertise and strategic approach make her the ideal person to lead GKMS into the future. Her experience and passion for operational excellence will be instrumental as GKFG continues to grow and evolve.” The announcement of Campbell’s appointment comes as Burnett, who has led GKMS since 2019, prepares to retire from GraceKennedy later this year.

Lee-Anne Bruce

Additionally, GraceKennedy has named Lee-Anne Bruce as the new COO of the GKMS Group, also effective April 1, 2025. Bruce holds a bachelor’s degree from the Frank G. Zarb School of Business at Hofstra University and is a Certified Anti-Money Laundering Specialist. With over a decade in senior leadership roles at GK, she has served as Group Chief Compliance Officer, Chief Risk Officer, and most recently, Chief Audit Executive. She began her career at GK in 2003, when she played a key role in GKMS’ expansion into the Eastern Caribbean.

Margaret Campbell, incoming GKMS CEO, welcomed Bruce’s appointment, stating, “Lee-Anne is no stranger to GKMS and her extensive experience and understanding of our business will undoubtedly be invaluable in her new role.”

In light of the leadership changes at GKMS, Judith Chung, Group Chief Compliance Officer & Senior Legal Counsel, will act as Chief Audit Executive of GraceKennedy Limited, while Jason Bailey, Head of Risk, will temporarily assume responsibility for the Compliance portfolio.

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