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Corporate Movements – November 2024

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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. We announce the retirement of Mr. Halcott Holness, Head of Sales, who has decided to retire from the company effective December 31, 2024. Mr. Holness has been an invaluable member of our executive team, contributing significantly to the growth and success of Wisynco.

Dolla Financial Services Limited wishes to advise its shareholders and the public of updates regarding changes to its Board of Directors, as well as to the Board of its wholly-owned subsidiary, Ultra Financier Limited. Effective November 14, 2024, Mr. Ryan Reid resigned as Chairman of the Board of Dolla Financial Services Limited. He will transition to the role of Vice-Chairman on November 15, 2024, following the resignation of the previous Vice-Chairman, Dr. Michael Banbury, who will remain a Director on the Board. Effective November 15, 2024, Director Walter Scott K.C., has been appointed as Chairman of the Board of Dolla Financial Services Limited. The Board also wishes to notify shareholders of changes at Ultra Financier Limited. Effective November 14, 2024, Mr. Kadeen Mairs resigned as Chairman of Ultra Financier Limited. Mr. Walter Scott, K.C., has been appointed to succeed him as Chairman while the vacant role of Vice-Chairman has been filled by Mr. Ryan Reid both effective November 15, 2024.

Productive Business Solutions Limited (“PBS”) wishes to advise of the resignation of Mr. Andres Ibanes as Chief Financial Officer of the Company effective November 1, 2024. Mr. Jose Misrahi, current Director of PBS and Chief Financial Officer of Facey Group Limited, has been appointed interim Chief Financial Officer of PBS.

Elite Diagnostic Limited (“Elite”) today announced that Mr. Harvey Levers has resigned from his role as Chief Executive Officer, effective November 30, 2024. Mrs. Marjorie Miller, who has served as the General Manager, since October 1, 2014, will assume leadership of Elite until the company appoints a successor. Mrs. Miller will attend and benefit from the on- going collaboration with the Executive Committee of the Board of Directors.

Sagicor Group Jamaica Limited (Sagicor) announced today that Mark Thompson, CEO of Advantage General Insurance Company (AGIC) has resigned, effective October 31, 2024. Mr. Thompson has also stepped down from all Sagicor affiliated boards. In the interim, AGIC’s Deputy CEO Dave Morrison will assume the role of Acting CEO, managing day-to-day operations. Mr. Morrison, who is a chartered accountant with more than twenty years’ experience, rejoined the AGIC team in 2019 and was appointed Deputy CEO at AGIC in September 2023. He has spent more than ten years combined at AGIC.

Mr. Hiram Murillo has been appointed as a Director of the Board of Carreras Limited effective Wednesday, November 13, 2024.

Paramount Trading (Jamaica) Limited (“Paramount”) pleased to advise the Jamaica Stock Exchange (“JSE”) that Mr. Everton Younger has been appointed as Chief Operating Officer (“COO”) effective Janaury 9, 2024. Mr. Younger is an accomplished Supply Chain & Operations Management professional, with well over twenty (20) years of experience in the manufacturing industry. He has held various senior leadership positions at GraceKennedy, Diageo (Red Stripe), Rotoflex Jamaica Limited, Seprod & Liberty Latin America (FLOW) during which time he has overseen the successful implementation of many mission critical initiatives in these entities. He has a strong belief in the abilities and potential of the Jamaican people once they are adequately equipped with the requisite tools, inspired leadership and an empowering work environment. He also shares the view that “there is nothing wrong with Jamaica that cannot be fixed by what is right with Jamaica.” He holds a Bachelor of Science Degree (BSc.) in Pure & Applied Chemistry, a Post-Graduate Diploma in Management Studies, and a Master of Science (M.Sc.) in Food Science & Technology from the University of the West Indies. In addition to his technical qualifications, he has served as an Adjunct Lecturer in the Department of Chemistry at the University of the West Indies for the past ten (10) years.

Berger Paints Jamaica Limited (BRG) wishes to advise that at the Board Meeting held on 13th November 2024, the following appointments were made:

Christian Llanos was appointed to the position of Chairman of the Board. Mr. Llanos is the Sector Head for the Construction Sector of the ANSA McAL Group of Companies and has been a director of BRG since August 2023. Mr. Llanos is a seasoned professional with over three decades experience in management, finance and supply chain, having spent almost twenty years working for a large, multinational corporation before joining the ANSA McAL Group in 2018.

Nicholas Camacho was appointed to the Board as a Director and to the Audit Committee of the Board. Mr. Camacho is the Chief Financial Officer for the Construction Sector of the ANSA McAL Group of Companies. He brings a wealth of financial expertise to the Board. Prior to joining the ANSA McAL Group in 2021, Mr. Camacho built his technical capability in the financial arena at one of the world’s leading accounting firms where he served in senior and management roles for over a decade. Mr. Camacho has also been appointed to serve as member of the Audit Committee.

Nicholas Mac Lean was appointed to the Board as a Director. Mr. Mac Lean is the Managing Director of the Coatings business of the ANSA McAL Group of Companies and oversees the operations of Berger Paints Jamaica Limited, Berger Paints Barbados Limited, ANSA Coatings Limited in Trinidad and Tobago and ANSA Coatings Grenada Limited. He built his extensive experience working for multinational corporations, largely based in the United Kingdom, before joining the ANSA McAL Group in 2017.

Radio Jamaica Limited (RJR), the holding company for RJRGLEANER Communications Group, hereby announce that Mrs. Karla Stephens-Hall assumed duties as Chief Financial Officer of the Group, effective Friday, November 1, 2024.

The Board of Directors One on One Educational Services Ltd advise you of the resignation of Ms. Nicole Foga as Company Secretary of the Board, effective August 31, 2024. Additionally, we are pleased to announce that Mrs. Donnisha Brooks has been appointed as the new Company Secretary effective August 31, 2024.

TransJamaican Highway Limited announces the appointment of Directors John Bell and Steven Gooden to the Corporate Governance Committee, effective November 7, 2024.

Carreras Limited (CAR) wishes to advise of the resignation of Mr. Raoul Glynn from the Board of Carreras Limited effective Friday, November 1, 2024.

We wish to formally notify you of the resignation of Mr. Chadwick Bennett as Chief Financial Officer (CFO) of iCreate Limited, effective September 30, 2024. During his time with us, Mr. Bennett played a pivotal role in helping the business navigate through some of its toughest times. His dedication and expertise were invaluable, and we are beyond grateful for his support. We wish him all the best in his future endeavors. We are also pleased to announce the appointment of Mr. Andrew Wildish as the new CFO of iCreate Limited, soon to be Kintyre Holdings (JA) Limited, effective October 2, 2024. Mr. Wildish brings a wealth of experience in corporate finance, accounting, commercial banking, and investment management, having worked across the United States, Panama, and Jamaica.

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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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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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