分类： business

KINGSTON, Jamaica — In a landmark development for Jamaica’s financial markets, West Indies Petroleum Terminal Limited (WIP Terminal) initiated public trading on the Jamaica Stock Exchange (JSE) on Tuesday through a Listing by Introduction arrangement. The company entered the market with 11.18 billion existing ordinary shares priced at J$0.50 each, establishing an initial market capitalization of approximately J$5.59 billion and positioning itself among the largest recent energy infrastructure listings on the local exchange.

Chairman Charles Chambers characterized the listing as a historic milestone, noting the absence of comparable assets currently trading on the exchange. “This is a moment of great pride for us at WIP Terminal as we bring to the public market an asset that serves an important function for our country,” Chambers stated during the listing ceremony.

Emphasizing the strategic significance of the terminal infrastructure, Chambers elaborated on its national importance: “WIP Terminal underscores the strategic importance of our fuel infrastructure and energy security. Fuel supply powers our economy, industries, transportation networks, and daily lives.” The facility boasts a combined storage capacity exceeding 750,000 barrels, representing what Chambers described as “nationally important infrastructure for Jamaica.”

The decision to pursue a public listing served multiple strategic objectives according to company leadership. Chambers explained that the move creates transparency and price discovery mechanisms for this critical asset while enabling public participation in national infrastructure ownership. Additionally, the listing forms part of a broader corporate reorganization aimed at enhancing operational efficiency across all business segments.

Looking toward future growth, Chambers identified significant opportunities in the expanding Caribbean cruise industry, increasing regional trade, and growing marine fuel demand. “We have land available for expansion at our Port Esquivel facility,” he noted. “We have the expertise, infrastructure, and strategic vision to grow this asset responsibly.”

JSE Group CEO Livingstone Morrison welcomed the listing as reinforcing the exchange’s role as a catalyst for regional companies seeking transparency, governance excellence, and capital market access. “This listing represents an important milestone for the capital markets, providing investment options in a critical sector of Jamaica’s economy,” Morrison commented.

VM Wealth Management Ltd., which served as lead arranger and broker for the listing, highlighted through Capital Markets Manager Romario Sterling the company’s transition to enhanced disclosure and governance standards associated with public listing. Sterling emphasized the listing’s broader market implications: “This listing expands the investable universe on the Jamaica Stock Exchange by introducing exposure to the bunker fuel and petroleum logistics sector, providing portfolio diversification opportunity.”

WIP Terminal operates as a direct subsidiary of WIP Energy, with ultimate parent company West Indies Petroleum Limited representing a leading integrated energy company in Jamaica. The terminal business constitutes a critical component of the parent company’s vertically integrated operations spanning fuel import, storage, distribution, and retail services.

The company’s board features industry veteran Gordon Shirley alongside directors Tarik Felix, Kurt Boothe, Amanda Levien, and Karl Townsend, bringing collective expertise across petroleum, finance, law, and corporate governance.

Chambers concluded by reaffirming the company’s commitment to operational excellence, safety, transparency, and value creation for all stakeholders. Trading of WIP Terminal shares commenced under ticker symbol WIPT on the JSE Main Market.

KINGSTON, Jamaica — Major private sector organizations across seven Caribbean Community (Caricom) nations have issued a strong endorsement of the Caricom Single Market and Economy (CSME), emphasizing its critical role in regional economic integration and resilience. This unified stance emerges as a direct response to recent criticisms leveled against Caricom by Trinidad and Tobago’s Prime Minister Kamla Persad-Bissessar.

In a collective statement, the business groups characterized Caricom as “the forum for leaders, governments, institutions and the people of our community to join hands and stand shoulder to shoulder in solidarity to transform vulnerabilities into assets.” The declaration notably avoided direct reference to Persad-Bissessar’s remarks while implicitly addressing the underlying tensions.

The Trinidadian leader had previously denounced Caricom as “not a reliable partner,” particularly criticizing the organization’s stance toward Venezuela’s Nicolás Maduro administration and its relationship with the United States. These comments marked one of the most significant public challenges to Caribbean unity in recent years.

The private sector coalition, operating under the Caricom Private Sector Organisation (CPSO) umbrella, includes influential business groups from Trinidad & Tobago, Jamaica, Barbados, Guyana, Eastern Caribbean States, Suriname, and Belize. These organizations highlighted the CSME’s demonstrable economic benefits, citing enhanced intra-regional trade, strengthened supply chains, and substantial foreign exchange earnings across member states.

CPSO, which gained associate institution status within Caricom in October 2020, emphasized the historical significance of the CSME framework, tracing its origins to the 1989 Declaration of Grand Anse and the Revised Treaty of Chaguaramas in 2001. The private sector representatives affirmed that the vision of creating “greater economies of scale to regional business and more opportunities for Caricom citizens to thrive remains a relevant aspiration.”

The business leaders articulated a nuanced position on international relations, stating: “The Caricom private sector places great value on the benefits derived both from intra-Caricom trade and from the community’s strong trading relationships beyond the region, including with the United States.” They characterized these relationships as complementary rather than competitive, reinforcing economic resilience and diversification.

The statement concluded with a commitment to collaborative improvement of the CSME framework and extended seasonal goodwill to all Caribbean citizens, expressing optimism for continued dialogue and respectful engagement in pursuing regional advancement and security.

KINGSTON, Jamaica — In response to ongoing operational difficulties within the nation’s financial infrastructure, the Bank of Jamaica (BOJ) has instituted a temporary relief measure for banking institutions. Effective December 15 through December 31, 2025, the central bank will suspend penalty fees for specific high-value Automated Clearing House (ACH) transactions.

The regulatory decision comes as multiple deposit-taking institutions (DTIs) continue experiencing technical complications following Jamaica’s transition to the ISO 20022 (MX) standard payment messaging system. This modernization initiative, which replaced the previous Swift Message Type (MT) framework, has created unforeseen delays in processing Real Time Gross Settlement (RTGS) payments and account transfers.

Under the temporary waiver, transactions meeting or exceeding the J$1 million threshold will be exempt from the standard J$5,000 penalty typically imposed by the central bank. This intervention aims to maintain financial fluidity while DTIs address persistent operational hurdles associated with the new payment protocol.

The BOJ clarified that this exemption applies exclusively to penalties administered by the central bank and does not extend to transaction fees levied by individual financial institutions. DTIs retain autonomy over their respective fee structures throughout the waiver period.

Central bank officials characterized this measure as a transitional accommodation designed to support financial institutions during their adaptation to the enhanced payment ecosystem. The BOJ emphasized its commitment to maintaining payment system stability while acknowledging the technical complexities inherent in large-scale financial infrastructure upgrades.