Mr. Gary Barrow, CD
Chief Executive Officer Wigton Energy Limited (WIG)

In a bold move set to redefine Jamaica’s energy and electric vehicle (EV) landscape, Wigton Energy Limited (WIG) has taken control of Flash Holdings Limited, raising its stake to 51 per cent. This acquisition, while strategic in accelerating the roll-out of EVs under subsidiary Flash Motors Company Limited (FMCL), also signals a deeper ambition: Wigton’s emergence as the Caribbean’s leading multi-solution renewable energy powerhouse.

Yet behind the headlines of Wigton’s pivot from its windfarm legacy lies an even more intriguing opportunity – one involving Tropical Battery Company Limited, the decades-old Jamaican battery and solar energy firm currently in the throes of a J$1.79-billion (US$11.09-million) secondary share offering.

The offering, extended for a second time to July 4, is designed to reduce debt and graduate the company from the Junior Market to the Main Market of the Jamaica Stock Exchange – a critical step in Tropical Battery’s quest to list on Nasdaq within the next three to five years.

The question on the minds of investors and analysts is simple: Could Tropical Battery become Wigton’s next big strategic play?

 From Wind to Multi-Solution Renewables

Founded as Wigton Windfarm, the company rebranded in late 2024 to Wigton Energy Limited, reflecting a strategic pivot towards diversified clean energy solutions. Alongside wind, Wigton is now advancing solar photovoltaic (PV) projects, battery storage systems, and EV infrastructure – creating a full-suite renewable energy model.

The acquisition of Flash Holdings is a testament to this vision. Wigton’s initial 21 per cent stake, valued at J$112 million (just over 1 per cent of its total assets), was symbolic – an entry point into the EV market. The June 2025 expansion to majority control demonstrates serious intent to scale electric mobility, not only distributing EVs but enabling the charging infrastructure needed to drive adoption across Jamaica and, ultimately, the region.

 Tropical Battery’s Debt, Expansion, and Nasdaq Dreams

Alexander Melville Chief Executive Officer Tropical Battery Company Limited

Meanwhile, Tropical Battery is fighting its own battles. Founded in 1950, the company has evolved into an integrated battery distributor, solar energy provider, and EV solutions player, with strategic acquisitions in Silicon Valley (Rose Electronics) and the Dominican Republic (Kaya Energy).

Yet its rapid expansion has come at a cost. Tropical is carrying significant debt, including a US$9.5-million bridge loan from CIBC Caribbean Bank and a maturing J$300-million bond. The current APO seeks to raise at least J$1 billion to stabilise its balance sheet, improve working capital, and clear the path to Main Market graduation and Nasdaq listing.

But with two extensions announced in quick succession, questions loom about investor appetite. Institutional investors have reportedly requested more time for internal processes – a potential window for strategic partners like Wigton Energy to step in.

By participating significantly in Tropical Battery’s APO, Wigton could secure a meaningful minority stake – potentially 10-20 per cent – positioning itself on Tropical’s board and integrating the firm’s battery manufacturing and distribution network into Wigton’s renewable energy and EV ecosystem.

Why This Alliance Makes Sense

On paper, Wigton and Tropical Battery are perfectly complementary.

A Playbook for Execution

Strategic Capital Injection: Wigton could anchor Tropical’s APO, sending a strong market signal and stabilising Tropical’s financial base.

 Board Influence & Governance: Securing a board seat would align Tropical’s expansion with Wigton’s regional clean energy goals.

 Joint Ventures for EV Charging: Tropical’s battery and solar solutions combined with Wigton’s utility-scale renewable projects could fast-track the installation of EV charging stations powered by clean energy – a win-win for emissions goals and revenue streams.

 BESS & Grid Services: As Jamaica’s grid modernises, battery energy storage systems (BESS) will be critical for stabilisation and integration of renewables. Wigton and Tropical are both invested in this space, but collaboration could enable larger projects with better financing terms and risk sharing.

 Nasdaq Roadmap: Tropical’s ambitions to list on Nasdaq could be strengthened by Wigton’s institutional backing, while Wigton benefits from the valuation uplift of an equity partner expanding into North America.

Risks and Realities

Of course, execution risks remain. Tropical’s debt burden must be managed carefully to avoid operational strain. Cultural and operational integration will require disciplined governance structures. For Wigton, investing in a non-controlling stake carries the challenge of influencing strategy without direct operational control – a delicate dance that only strong board-level partnerships can navigate.

 The Bigger Picture

Ultimately, the strategic logic is compelling. Together, Wigton and Tropical Battery could create a vertically integrated clean energy and EV solutions group with:

✅ Renewable generation capacity
✅ Battery manufacturing and storage solutions
✅ EV distribution and charging infrastructure
✅ Access to regional and North American markets

This is exactly the model that global energy giants are pursuing: controlling the entire clean energy value chain to drive long-term sustainable revenues.

 “The Caribbean Tesla?”

As the Caribbean accelerates its renewable energy transition, the region needs companies with the vision, capital, and integration capability to deliver clean energy solutions at scale. Wigton’s rebranding is more than cosmetic; it is a bet on becoming the Tesla of the Caribbean – not only in EVs, but in energy storage, solar, and grid services.

By partnering with Tropical Battery, Wigton could create an ecosystem that powers Jamaica’s homes, businesses, and vehicles with clean, resilient energy – a transformative step towards the island’s 50 per cent renewable energy target by 2030.

And perhaps, in the years ahead, when investors search for the Caribbean’s first clean energy unicorn, it will be this strategic alliance they point to as the moment the region’s energy future changed forever.

Foot Notes

Company Overviews & Recent Moves

 Wigton Energy Limited (WIG)

• Rebranded from Wigton Windfarm in November 2024 to reflect its pivot toward diversified renewables—wind, solar, batteries, and now EVs.
• Broadening into solar PV (won ~50 MW project in 2024), and developing battery storage alongside EV infrastructure.
• June 2025: boosted its stake in EV distributor Flash Holdings from 21% to 51%, aiming to fast‑track EV rollout via Flash Motors (FMCL). Wigton also provided corporate guarantees for FMCL loans

 Tropical Battery Company Limited

• Jamaica-based battery and solar energy firm, listed in 2020; now distributes Mac Battery brand, solar solutions, and even sells Tesla vehicles
• Acquired Silicon Valley-based Rose Electronics and Dominican solar firm Kaya Energy; revenue doubled in late 2024 but profit fell due to debt
• Currently launching a J$1.79 billion (~US$11M) secondary share offering—now closing July 4—aimed at trimming debt and enabling migration from JSE Junior to Main Market, with Nasdaq aspirations in 3–5 years

 Business Model Synergies

There’s a strong alignment in battery energy storage systems (BESS) and EV charging infrastructure. Tropical’s access to the US market and grid storage tech aligns with Wigton’s ambition to become a “multi-solution renewable provider.”

 Could Tropical Battery Be an Acquisition or Investment Target?

 Acquisition—Full or Partial

Full acquisition improbable: Tropical’s valuation (~US$11M) and upcoming debt clearance means it’s not distressed enough to sell entire control cheaply.

Strategic merger: WIG could acquire a controlling minority stake—e.g., buying current shareholders’ stock and participating in the APO. This could integrate Tropical’s distribution and manufacturing capacity into Wigton’s ecosystem.

 Participating in APO

With WIG’s guidance, investing in the July 4 APO (minimum J$1B) positions its shareholding favorable—potentially 10–20%+ depending on uptake.

This gives Wigton influence in Tropical’s board and strategic decisions without full takeover.

 Strategic Alliance Framework

 Coordinated capital raise: Wigton leads or coordinates participation in the APO, signalling stability and boosting investor confidence.

 Cross‑shareholding : Tropical could take a stake in FSMC (Flash Motors), aligning EV ambitions and creating a shared EV–battery value chain.

 Joint BESS & EV infrastructure roll‑out: Co-develop charging & storage solutions across WIG’s solar/Wind sites and Tropical’s commercial distribution footprint.

 Regional market expansion: Tropical supports EV battery servicing and solar projects from its Jamaica/US base, while Wigton provides local grid integration and regulatory experience.

IPO/Nasdaq roadmap: Wigton’s participation helps Tropical graduate to JSE Main then aim for Nasdaq—giving Wigton a stake in a growth IPO narrative.

 How This Can Be Executed

 Due diligence: Wigton assesses Tropical’s balance sheet post-IPO, tech integration capabilities (e.g., Silicon Valley assets), and debt reduction efficacy.

 Negotiation: Restructure APO conditions to secure stakes with board representation.

Legal integration: Form joint ventures for EV charging deployments and BESS installations, sharing risk and scaling faster.

 Capital partnership: Align Tropical’s Nasdaq ambitions with Wigton’s institutional backing—opening a new funding channel.

Summary

While a full takeover of Tropical Battery isn’t likely and may not be necessary, strategic participation in its APO offers Wigton:

• Entry into battery manufacturing & EV services.
• A way into the US through Silicon Valley tech.
• Leverage Solar/BESS synergy.
• A shot at future upside via Tropical’s equity if it lists on Nasdaq.

A. Norman Sabga Chairman ANSA McAL Limited Has Released The Following unaudited Consolidated Financial Statements For The Quarter Ended March 31st, 2025

In Q1 2025, the Group delivered strong top-line growth, with revenue increasing by 10% year-over-year to TT$1,808 million. Net cash flows from operating activities also increased significantly—by 81% to TT$244 million—underscoring the strong operational health of our business and our ability to generate cash efficiently. Group Profit Before Tax (PBT) stood at TT$93 million, a 46% decline compared to the prior year. Earnings Per Share (EPS) decreased by 49% to TT$0.31. Adjusted EBITDA declined modestly by 6% to TT$278 million.

These reductions are largely attributable to increased interest expenses, as well as amortisation and depreciation related to the BLEACHTECH LLC acquisition—charges not present in the prior year. Our gearing ratio improved to 27.7%, down from 28.4% as at December 2024.

Operationally, a historically harsh North American winter impacted the demand for bleach for water treatment. It also led to frozen pipes at the bleach plant which affected plant uptime. We decided to seize the opportunity to undertake strategic and significant capacity-building upgrades to BLEACHTECH LLC’s facilities, ahead of the peak summer demand. Consistent with the Group’s decision to reinvest earnings in future growth, these enhancements are expected to significantly strengthen our U.S. market position and drive meaningful growth through the remainder of 2025 and beyond.

Our Financial Services Sector was affected by non-cash mark-to-market losses on investment portfolios and a soft investment banking climate. Despite these headwinds, our Banking division remains focused on redefining the retail and commercial experience through innovation and disciplined growth. Meanwhile, the Insurance segment recorded growth across Life, Property and Casualty portfolios, achieving improved underwriting profitability despite competitive pressures and claims inflation.

As we plan for the remainder of the year, we are confident in the Group’s long-term growth trajectory. Our pipeline of inorganic opportunities—diverse in scale, scope, and geography—remains robust. Our growth-oriented investment strategy will further reinforce our leadership in core sectors such as Beverage, Bleach, and Banking. We are poised to deliver our 2X strategy, which will position the Group for high-quality sustained growth for the benefit of all our stakeholders.

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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.

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).

GraceKennedy (GK) Limited has come to an agreement with Spike Industries Limited to acquire its remaining 30% stake in Catherine’s Peak Bottling Company Limited, giving GK 100% ownership of the company.

The transaction, which is subject to customary closing conditions, will see Catherine’s Peak Bottling Company Limited, owner of the Catherine’s Peak spring water brand, become a wholly owned subsidiary of GraceKennedy. Frank James, CEO of GK Foods – Domestic, commented “In recent years, GK has been strengthening our position in Jamaica’s growing spring water market. This has included our 2021 acquisition of 876 Spring Water, our 2023 acquisition of Unibev, and the steady increase of our stake in Catherine’s Peak.”

He explained, “Our acquisition of Catherine’s Peak perfectly aligns with GK’s strategy to own leading Jamaican brands which deeply resonate with consumers and have significant global market potential, as we work towards achieving our vision of being the number one Caribbean brand in the world by 2030.” James also highlighted Catherine’s Peak’s strong market position and growth potential, stating that since GK’s initial investment in 2018, Catherine’s Peak has been a key part of the GK Foods portfolio. He added, “This acquisition is another significant step in our ambitious growth strategy for both Catherine’s Peak and our Food business.

We are looking forward to introducing innovative products under the Catherine’s Peak brand and are actively exploring additional opportunities to expand our market reach. In keeping with these efforts, we are current finalizing plans to launch Catherine’s Peak exports to the Cayman Islands in 2025 and anticipate further growth into new territories in the future.”