分类： business

KINGSTON, JAMAICA — As Caribbean-based investment firm Eppley Limited accelerates its plan to scale up cross-regional investment holdings, the company has announced two high-profile leadership changes: hiring former PROVEN Properties CEO Aisha Campbell to helm its real estate and infrastructure division as president, and promoting long-time team member Samantha Summerbell to the post of vice-president for credit. Campbell stepped into her new role following the departure of Denise Gallimore, who departed Eppley after more than eight years of service to take a new leadership position at Stanley Motta Limited / Felton Properties Limited.

In her new role, Campbell will oversee all of Eppley’s core real estate and infrastructure assets, including the Eppley Caribbean Property Fund, the firm’s direct real estate holdings, and its fast-growing infrastructure investment portfolio. Summerbell, meanwhile, will take charge of all the company’s on- and off-balance-sheet private credit operations, which includes the prominent Caribbean Mezzanine Fund. These leadership moves come as Eppley works to deepen its footprint in private markets across the Caribbean region, capitalizing on growing demand for alternative investments in the area.

Campbell brings nearly two decades of proven real estate leadership experience to Eppley. During her tenure as CEO at PROVEN Properties, she led an aggressive expansion that grew the firm’s total real estate portfolio from a modest US$20 million to a substantial US$140 million. She also oversaw the development of more than US$250 million in commercial and residential projects spanning three major Caribbean markets: Jamaica, the Cayman Islands, and Barbados, giving her deep on-the-ground expertise that aligns with Eppley’s regional growth goals.

Gallimore, Campbell’s predecessor, leaves behind a significantly expanded real estate platform at Eppley. During her more than eight years with the firm, Eppley’s commercial tenanted footprint grew to 1.1 million square feet across three key markets: Jamaica, Barbados, and Trinidad, laying the groundwork for the company’s next phase of growth.

In an official statement announcing the leadership changes, Eppley Vice-chairman Nicholas Scott praised Gallimore’s foundational contributions to the firm. “Denise has played a critical role in building and formalizing Eppley’s real estate and infrastructure business from the ground up,” Scott said. “We are deeply grateful for her years of commitment to our growth, and we are proud to see an Eppley alumnus step into a leadership role at another outstanding regional real estate firm.”

Summerbell’s promotion to vice-president of credit comes after she led several of the company’s most high-impact and successful transactions in recent years. Her expanded leadership of Eppley’s private credit business comes as this segment has emerged as a core and increasingly vital component of the firm’s overall long-term investment strategy, as private credit has grown in popularity among regional investors seeking consistent, uncorrelated returns.

Eppley CEO Raymond Donaldson emphasized that the leadership changes come at a pivotal moment of growth for the firm. “This is a moment of real momentum for Eppley as we push forward with our regional expansion plans,” Donaldson noted. “Aisha stands out as one of the most accomplished and respected real estate executives across the entire Caribbean, and her track record of scaling portfolios speaks for itself. Sam has long shared our core investment philosophy, and she has consistently delivered strong results for our shareholders over her years with the firm.”

Headquartered in Kingston, Eppley Limited focuses primarily on private market investments across the Caribbean, with core focus areas in credit, real estate, and infrastructure. The firm manages multiple regional investment vehicles, and has steadily expanded its portfolio of direct property and infrastructure assets in recent years as it works to deliver strong, consistent risk-adjusted returns for its shareholders.

KINGSTON, Jamaica — Against the backdrop of a globally renowned fine cocoa sector, Jamaica’s top agricultural commodities regulator is calling on local consumers to prioritize domestic chocolate makers, a move that officials say will drive industry expansion and lift economic fortunes across the island’s cocoa supply chain.

Chevonne Aschute, acting Senior Director for Cocoa and Coconut at the Jamaica Agricultural Commodities Regulatory Authority (JACRA), laid out the appeal during a recent JIS Think Tank session hosted at the news agency’s television studios in central Kingston. Aschute noted that local cocoa farmers and chocolate producers have significantly scaled up output in recent months, positioning the sector for broader growth if domestic consumer demand matches rising production.

“At our core, we have a philosophy: we grow what we consume, and we consume what we grow,” Aschute told attendees. “That is why we need to stand behind our local chocolatiers. This collective effort will help our entire nation move forward. Jamaica has a global reputation for producing exceptional, high-quality goods, and our cocoa is no exception — that makes supporting local all the more critical.”

Jamaica holds a rare, elite status in the global cocoa market: it is one of just a handful of countries globally to earn 100% “fine flavour status” from the International Cocoa Organization (ICCO). This designation is awarded only to cocoa with extraordinary sensory qualities, distinct flavor notes, and superior overall quality that sets it apart from bulk commodity cocoa. As a result, Jamaican cocoa commands a significant price premium over standard bulk cocoa on international markets, creating a built-in competitive advantage for the country’s producers.

Aschute emphasized that increased local support for domestic chocolate makers will create a ripple benefit throughout the entire supply chain, starting with the smallholder and commercial farmers who grow the cocoa. “When consumers buy from local chocolatiers, producers can pay farmers a higher rate per kilogram or per box of their harvested cocoa,” he explained. “This creates a reciprocal cycle of growth that ultimately improves livelihoods for every person working in the sector, from farm to retail.”

To maintain the industry’s coveted quality reputation, Aschute confirmed that JACRA continues to partner closely with cocoa farmers across the country. The authority provides guidance, training, and quality control measures to ensure all harvested cocoa pods meet strict international market standards, preserving the fine flavour profile that makes Jamaican cocoa a premium product worldwide.

Regional investment firm PROVEN Group Limited has announced it will divest nearly half of its holding in Barbados-based consumer goods manufacturer Roberts Manufacturing Company Limited, in a transaction valued at a maximum of US$15.63 million. The move is a core part of Proven’s strategic plan to boost cash reserves, trim outstanding debt, and clear the way for the resumption of ordinary shareholder dividend payments, which have been paused since mid-2025.

This partial stake sale is being conducted alongside Trinidad-based conglomerate ANSA McAL Limited as part of Roberts Manufacturing’s total US$30.16 million initial public offering (IPO), ahead of the firm’s listing on the Barbados Stock Exchange (BSE). Prior to the offering, Proven and ANSA McAL hold a combined 100% controlling stake in Roberts, with Proven owning 50.5% and ANSA McAL holding the remaining 49.5%. If the IPO is fully subscribed, Proven’s holding will drop to 25.5%, while ANSA McAL’s stake will fall to 25% – leaving both existing owners with joint strategic control of the listed manufacturer.

In its official IPO prospectus, Roberts emphasized that the transaction balances the needs of existing shareholders for liquidity with the continued stability of retained strategic oversight. “Providing liquidity to the Shareholders while retaining strategic control. This will enable capital reallocation, leverage reduction, and capital structure management at the shareholder level,” the document read.

The divestment comes at a pivotal juncture for Proven, which has faced significant financial headwinds over the past three quarters. For the nine-month period ending December 2025, the firm swung from an operating profit of US$2.85 million in the prior year to an operating loss of US$2.66 million. The downturn was driven by spiking interest expenses, shrinking gross profit contributions from Roberts, and rising general operating costs.

While a doubling of profit share from associate firm JMMB Group Limited – reaching US$5.66 million – pulled Proven to a pre-tax profit of US$3.01 million, this figure still represented a 44% year-over-year decline. Consolidated net profit for the period hit US$2.55 million, with US$1.45 million attributable to common shareholders.

Proven suspended ordinary dividend payments in July 2025 to prioritize liquidity building and debt reduction amid elevated global borrowing costs and softening operating results. The company has signaled that it expects proceeds from two major property developments – Sol Harbour and Bahari Phase 1 – to support dividend resumption in the second half of 2026, a timeline that will be reinforced by the proceeds from the Roberts stake sale.

“The Board remains committed to reinstating dividend payments at the earliest appropriate time, with the expectation that the completion of major property sales and the normalization of operating performance will provide a solid foundation for the resumption of shareholder distributions,” Proven noted in its recent third-quarter financial report.

For its part, Roberts Manufacturing stands as one of Barbados’s most robust industrial assets, specializing in the production of edible oils, margarines, food shortenings, and specialty animal feed products. The company commands a dominant market share on its home island and exports its goods to 14 regional Caribbean markets.

In its most recent full financial year, Roberts posted a 10% drop in consolidated revenue to US$66.87 million, stemming from the termination of a large animal feed contract and short-term cross-border shipment disruptions. Even amid this top-line decline, the manufacturer grew net profit by 41% to US$5.7 million, with shareholder-attributable net profit surging 73% to US$4.59 million. The strong bottom-line result was fueled by aggressive cost-cutting, lower effective tax rates, and the reversal of previous accrual balances.

Since 2021, Roberts has returned a total of US$16.55 million to shareholders via dividends, including US$4.67 million in the 2025 financial year. Previously, the firm paid an annual management fee of US$2.8 million to its controlling owners and their affiliates, but this practice will end following the IPO. Going forward, Roberts has committed to distributing at least 50% of its available net profit as annual dividends to all public and private shareholders.

The IPO marks the start of a new growth phase for the manufacturer, which has outlined plans to drive top-line expansion through targeted commercial investment and disciplined operational execution. The company is currently upgrading its shortening and margarine production facility, a project expected to boost output by 30% while supporting its goal of expanding its regional export footprint. Longer-term, Roberts is evaluating a secondary listing by introduction on the Jamaica Stock Exchange, as well as a follow-on public offering to raise additional equity for further expansion projects.

The IPO opened for public subscription on April 16 and will close on May 7, with a minimum fundraising threshold of US$5 million required for the offering to proceed. Shares are priced at US$0.50 each for retail and institutional investors.

KINGSTON, Jamaica — At a time of rising climate uncertainty, shifting regulatory standards, and growing legal risk across the Caribbean, a top insurance industry leader is calling on regional enterprises to reframe how they think about insurance coverage. Marvin Douglas, Deputy General Manager of Sales at Marathon Insurance Brokers, is pressing Jamaican and Caribbean business leaders to abandon the long-held view of insurance as an avoidable routine overhead, and instead embrace it as a form of strategic risk capital that can shield firms from catastrophic financial collapse. In an increasingly unstable global and regional operating environment, Douglas warned that failure to properly transfer unmanageable risk leaves companies dangerously exposed to ruinous losses.

Douglas delivered his remarks at the 2026 Annual Conference for Rotary District 7020, an event held this year under the unifying theme “Recognise needs, transform lives”. In his address, he argued that the outdated perspective of insurance as a forgotten “paper in a drawer” has no place in modern risk management. Instead, he positioned coverage as a foundational tool for building organizational resilience and guaranteeing long-term business continuity.

At its core, Douglas explained, insurance creates a structured framework for transferring risk. It lets businesses trade the threat of unpredictable, catastrophic losses that could sink an operation for predictable, fixed premium costs that fit into annual budgets. By offloading this extreme risk, companies free up capital that would otherwise be held in reserve for emergency losses, freeing those funds to be invested in expansion, innovation, and improved customer service.

A key trend Douglas highlighted is the steady uptick in professional liability claims across Jamaica and the broader Caribbean region. Today, professionals ranging from doctors and lawyers to engineers and independent consultants face far greater exposure to lawsuits, as the region shifts toward a more litigious culture. Douglas emphasized that professional indemnity insurance fills two critical needs: it covers potential damage awards against practitioners, and it covers the cost of legal defense—an expense that can financially cripple a small or medium-sized firm long before a court issues a final ruling.

Against the backdrop of tightening professional standards across all Caribbean industries, this coverage becomes even more non-negotiable, Douglas noted. Beyond covering costs, it protects the professional reputations that practitioners spend decades building, ensuring that one single honest error does not erase years of hard work and community trust.

Douglas also drew attention to the underappreciated value of business interruption insurance, which he described as a “hidden hero” of post-disaster recovery. While most business owners prioritize traditional property insurance to cover physical damage to facilities and equipment, many overlook the crippling financial strain that comes with operational downtime. This strain includes lost revenue during the shutdown and fixed ongoing costs such as staff salaries and rent that continue to accrue even when the business cannot generate income.

For a hurricane-prone region that also faces regular global supply chain disruptions, business interruption coverage is the safety net that lets companies remain financially solvent while they rebuild and recover from major disruptive events, Douglas explained. Without this coverage, even firms with solid property insurance can be forced to close permanently after a major shock.

Looking toward the future of regional risk management, Douglas identified parametric insurance as an innovative emerging solution for climate-related risks, which have grown more frequent and severe in recent years. Unlike traditional insurance policies, which require time-consuming on-site damage assessments before payouts can be issued, parametric policies automatically trigger payouts when predefined, objective conditions are met. Examples include a hurricane reaching a set category of intensity, or regional rainfall exceeding a pre-agreed threshold.

This fast-payout model makes parametric insurance particularly well-suited for Jamaica’s two largest economic sectors: agriculture and tourism. Both sectors are extremely vulnerable to climate shocks, and both require immediate access to liquidity to begin recovery and avoid long-term revenue loss. By cutting through the delays of traditional claims processing, parametric coverage gets funds into businesses’ hands when they need them most.

Throughout his address, Douglas stressed that building meaningful organizational resilience depends on proactive risk management, rather than reactive crisis response. While businesses cannot prevent natural disasters, unexpected legal claims, or supply chain collapses, they have full control over how they prepare for and manage those risks. When structured correctly to match a firm’s unique risk profile, he concluded, insurance delivers the financial stability that lets organizations keep operating and serving their local communities, even in the aftermath of major disruptive events.

KINGSTON, Jamaica — Jamaican motorists are bracing for higher fuel costs starting this Thursday, April 30, after state-owned refinery Petrojam announced widespread increases to ex-refinery fuel prices across all product grades.

The most impactful change for everyday drivers is a $4.50 per litre jump for both standard gasoline blends. Following the adjustment, 90-octane gasoline will be priced at $193.07 per litre, while the more widely used 87-octane blend will retail at an adjusted $185.63 per litre before retail mark-ups.

The $4.50 per litre increase extends to other core fuel products as well. Regular automotive diesel will now cost $193.25 per litre, and the cleaner ultra-low sulphur diesel variant will hit $200.09 per litre after the adjustment. Kerosene, a product widely used for cooking and heating in many Jamaican households, will also see a matching $4.50 per litre rise, bringing its ex-refinery price to $182.64 per litre.

Smaller but still notable increases are applied to liquefied petroleum gas (LPG) products, which are commonly used for residential cooking. Propane will rise by $1.94 per litre to $80.82, while butane will see a $2.43 per litre increase, settling at $89.23 per litre at the ex-refinery level.

It is important to note that these published ex-refinery prices do not represent the final cost consumers will pay at retail outlets. Local fuel marketing companies and independent retailers will add their own standard operating margins and mark-ups to these base rates before the fuel reaches consumers at the pump.

KINGSTON, Jamaica — Fresh data released by the Bank of Jamaica’s daily foreign exchange trading roundup shows that the United States dollar closed out its Wednesday, April 29 trading session with a moderate uptick against the Jamaican dollar. By the end of the trading day, one US dollar was pegged at 158.12 Jamaican dollars, representing a 16 cent increase compared to previous trading levels.

Shifts were also recorded across other major global currencies on the same trading day. The Canadian dollar, for example, softened slightly against the Jamaican dollar, finishing the day at 115.15 Jamaican dollars per unit, down from its prior close of 115.36 Jamaican dollars. In contrast, the British pound extended its gains, ending the session at 213.88 Jamaican dollars per pound, an increase from its previous trading close of 212.99 Jamaican dollars.