Sagicor Group Jamaica Limited: Keeps on Winning!!!
Sagicor Group Jamaica (JSE: SJ) shook the financial markets last week with the announcement, “Further Strengthens their Leadership Team.” The presser, and corporate action to the JSE by SJ was dominated by, leadership, strengthening leadership, strategic leadership, and reorganization. The bottom line, SJ appoints two (2) EVPs, with EVPs standing for, Executive Vice President. SJ gets two (2) highly respected, talented, proven individuals for these respective roles, in (i) Joanna Banks as EVP: Strategy & Business Development and (ii) Tracy-Ann Spence as EVP and Chief Investment Officer, with effect July 17, 2023.
ISP Finance Services, Loans hit J$ 742.8 million as of Dec 2022
Ripe for a takeover? Based on ISP’s Dec 2022 year end, the loans of the business net of credit losses, (once you take into account cash on the balance sheet) is clearly on its way to J$ 1 billion soon. This makes ISP Finance quite attractive to the leaders in micro-credit. ISP recently raised a corporate bond and this plus existing cash, allowed ISP to end the period with approximately, J$ 255 million in cash & cash equivalents on the balance sheet.
ISP has been a slow, steady hand at the wheel, in the micro-credit business, ideal for a market player looking to add size, to their balance sheet. Essentially, grow significantly faster, versus the organic growth path.
Main Event Entertainment Group, registers Brilliant Quarter
A 3rd Quarter to Remember
Hot to Trot – Main Event – Back in Top Form
It needed Covid-19, the pandemic, to get to a stage of being more or less behind us, for the place to become “outside again” and Main Event Entertainment Group Limited (JSE: MEEG) would flourish again. Well just like that, here we go. Main Event is back, is an understatement. Patience rewards MEEG shareholders, with the latest quarterly financial reports, MEEG’s 3rd quarter.
Access Financial Services Limited, and Dolla Financial Services Limited
Rumble in the Bronx
Leading microfinance firm, Access Financial Services (JSE: AFS) is in the market currently for up to J$ 2 billion corporate note/ bond, priced at 11% interest rate. It is unsecured with a 5-year tenor, and the arranger is PROVEN Wealth Limited. As of late, AFS has even been doing timely radio ads as well. The fundraise makes sense for both parties, as AFS’s loan book has been around J$ 4.0 – J$ 4.5 billion for quite a while now. Most micro-financiers fund their growth via debt, loan payables, corporate bonds, and so forth, and notably PROVEN Investment Limited is a top shareholder in AFS, at just under 25%.
Lots of Earnings this season! Let’s get into it!
Bank of Jamaica, hikes Main Benchmark rate by 1.5%
Well, effective February 21, 2022 (Monday), we kick-off the week with 4.0%, a 3.5% or + 350 bps change for fixed income paper or bond junkies. What a difference a little bit of time makes, and the ensuing, patty, gas, toll, groceries, etc. prices have made, also known as inflation.