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Corporate Movements – July 2024

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Mr. Avinash Bissessar, Group Chief Investment Officer JMMB Group has tendered his resignation, effective September 18, 2024. Mr. Bissessar has made the difficult decision to leave his JMMB family to explore other opportunities for his personal growth and development . The JMMB team wishes Mr. Bissessar all the very best in his new endeavors. We are grateful for his impeccable and tireless service to JMMB. Mr Paul Gray Group Executive Special Projects, will return to the role of Group Chief Investment Officer on September 18, 2024. Mr Gray held this role prior to being seconded to our Dominican Republic operations, in the capacity Interim Country Head, in January 2017 when we needed his blend of leadership skills and experience to support their effective integration into the Group.

The Board of Directors of PROVEN Group Limited, hereby notifies the Jamaica Stock Exchange that it has received notice from PROVEN Management Limited (the Investment Managers of the Group) that Mr. Christopher Williams, the long-standing CEO of PROVEN Management Limited (“PML”) and co-founder of PROVEN Group Limited, will retire from hisrole in PML’s day-to-day operations effective January 31, 2025. Christopher Williams has served as President & CEO of PROVEN Management Limited since inception and January 31, 2025 marks a significant milestone, as it will be the fifteenth anniversary of the Group, which has benefited from his dynamic and visionary leadership at PML. Over this period, PROVEN has grown into one of the Caribbean’s premier providers of financial solutions, with significant strategic expansion, including the launch of PROVEN Wealth (Jamaica, Cayman Islands, Bermuda, British Virgin Islands, Bahamas, and Barbados), PROVEN Properties, PROVEN Private Capital and PROVEN Bank (with operations in St. Lucia and the Cayman Islands). While retiring from daily executive operations, Williams will remain a significant shareholder, active director of PML, and member of the Investment Management Committee and will continue to sit on the board of directors of a number of PROVEN Group’s subsidiaries. In these capacities, Williams’ expertise, strategic insight, and guidance will remain an invaluable asset to the ongoing growth and success of the Group.

Wisynco Group Limited (Wisynco) wishes to advise our shareholders and the investing public of the following change to our executive management team, in accordance with the main market rules of the Jamaica Stock Exchange. Wisynco is pleased to announce the appointment of Ms. Tabitha Athey as Chief Commercial Officer, effective July 1, 2024. She brings a wealth of experience and a proven track record in commercial strategy and sales management, and we are confident that her expertise will drive Wisynco to new heights.

Caribbean Producers (Jamaica) Limited (JSE:CPJ) (“CPJ”) announced that A.S. Bryden & Sons Holdings Limited (JSE:ASBH) (“ASBH”) has acquired a
44.8% strategic stake in CPJ.  Nicholas Hospedales was appointed Chief Executive Officer of CPJ effective July 9, 2024. Mr. Hospedales is a senior executive at ASBH, having previously led its food and grocery, premium beverage and operations units over the last decade. Prior to his roles at ASBH, Mr. Hospedales held various regional leadership roles at Nestle. Richard Pandohie, the Chief Executive Officer of ASBH was appointed Chairman of CPJ effective July 9, 2024. Tom Tyler, CPJ’s Co-Founder was appointed Deputy Chairman of CPJ and will serve as a consultant to the Company focused on customer and supplier relationships and business development opportunities. Mark Hart and Candace Hart will remain the Directors of CPJ. In addition to Mr. Pandohie and Mr. Hospedales, ASBH directors Nicholas Scott, Michael Conyers and David Franco were appointed new directors of CPJ replacing Christopher Berry, Konrad Berry, Camille Shields, Frank O’Dowd and Mark Hall who has resigned.

tTech Limited announced, following a meeting of its Board of Directors on July 12, 2024. Effective July 12, 2024: Messrs. Kevin Gordon and Rob Mayo-Smith were appointed directors of the company.
Mr. Norman Chen resigned as the company’s Chief Executive Officer. Mr. Kevin Gordon was appointed as the Chief Executive Officer.
The Directors thank Norman for his service and leadership during his period with the company. His leadership as CEO since December 2022, has been instrumental in navigating the company through significant changes and challenges. His dedication and vision have contributed significantly to the Company’s growth and positioned tTech as a leader in the industry. and we wish him every success in his future endeavours. Mr. Chen continues to serve as a director. Kevin Gordon and Rob Mayo-Smith are the owners of Simply Secure Limited, a company which acquired 49.1% of the issued ordinary shares of tTech Limited. Both Kevin and Rob are experienced executives in the Telecommunications and Information Technology sectors, and the company looks forward to benefitting from their experience and expertise.

Access Financial Services Limited (AFS) wishes to advise of the changes in the leadership positions within the Board of Directors, as decided in the recent Board meeting held on June 27, 2024. The Executive Chairman, Mr. Marcus James requested a one-year leave of absence from his role effective June 27, 2024. During this period, Mr. James will continue to serve on the Board. His request was granted, and Mr. Michael Shaw was subsequently appointed as the new Chairman of the Board. Mr. Shaw brings extensive leadership experience in the financial sector, having served in senior positions where he consistently exceeded targets, improved efficiency, and delivered strong financial results. Additionally, the Board has appointed Mrs. Charmaine Boyd-Walker as the Chairman of the Audit & Risk Management Committee. Mrs. Boyd-Walker has over 25 years of experience in accounting and finance, with significant expertise in audit and accounting standards, internal controls, compliance, and risk management. The Board has full confidence in these changes and looks forward to the exceptional contributions that the new appointees will make in their respective roles.

Access Financial Services Limited (AFS), wishes to advise of the resignation of Ms. Sherri Murray as Company Secretary of the Board, effective July 8, 2024. The Board extends its gratitude to Ms. Murray for her contributions and wishes her all the best in her future endeavours. AFS further advises that Ms. Carla Stephens-Mullings has been appointed as the new Company Secretary, effective July 9, 2024.

The JPS Board of Directors has announced the appointment of Hugh Grant as its new President and Chief Executive Officer. The appointment takes effect on August 1, 2024. Hugh Grant has more than twenty-five years of experience in the utility business, with extensive industry knowledge across the generation, transmission, and distribution sectors of the industry. He joins JPS from Consolidated Edison Company, the energy company that serves the ten million people of New York and Westchester in the US. In his most recent position, Grant served as the vice president of Steam Operations at Con Edison. In this capacity, he was responsible for managing the day-to-day operations and the P&L of the district steam business in Manhattan, a system that has the lowest greenhouse gas emissions of any energy system in New York City. During his time at Con Edison, Grant served in a variety of positions, with increased responsibility and impact on the company. Prior to his most recent assignment, Grant was the vice president of Substation Operations and was responsible for the more than one hundred electric transmission and distribution substations throughout the service territory, serving a customer demand of over 13,000MW.Grant is of Jamaican origin. He holds a Bachelor of Science degree in electrical engineering from Florida International University in Miami, Florida, a Master of Science degree in information
systems from Pace University and a Master of Business Administration from Columbia University in New York City.

The management of Radio Jamaica Limited (RJL), the parent company in the RJRGLEANER Communications Group (“the Group”) advises that a new Chief Financial Officer (CFO) designate, Ms. Karla Stephens-Hall has been identified. Ms. Stephens-Hall started work at the Group on Monday, July 8, 2024.

Supreme Ventures Limited (SVL) wishes to advise that Mrs. Clair-Ann Kennedy the CEO of Supreme Ventures Services Limited and Ibet SV Ghana resigned effective 30 June 2024.  Mrs Kennedy has been a valuable and respected member of the SVL Group Executive team. SVL thanks her for the hard work and commitment that she has displayed during her tenure with the Group. Mrs Kennedy will be pursuing other interests and personal projects. In the interim period, Ms. Krista-Gaye Fisher SVP Legal, Regulatory and Compliance will assume the responsibilities of CEO for SVSL.

Mr. Doug Hewson resigned from the Portland JSX Limited (PJX) Board effective July 12, 2024 and Mr. Ricardo Hutchinson was appointed a Director and Board Chairman effective on the same date.

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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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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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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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