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SVL, Main Event to form production company

Supreme Ventures and Main Event Entertainment group are partnering to create a production company.

Solomon Sharpe (left), CEO of Main Event, and Gary Peart, executive chairman at SVL. (Photo: Joseph Wellington/Jamaica Observer)

The news follows SVL’s recent purchase of a 10 per cent stake in the event-planning company.

SVL says it will be leveraging growth from that transaction to gain a foothold in the entertainment space.

Both companies will own 50 per cent of the new production company. Executive chairman of SVL Group Gary Peart said the new company will take advantage of the huge potential in the market.

Another Pulse bond

Pulse Investments will be seeking fresh capital on the bond market to finance construction of phase one of Pulse Homes at Villa Ronai.

Executive Chairman Kingsley Cooper says the transaction should be finalised around mid-June.

Executive Chairman of Pulse Investments Kingsley Cooper (File photo)

The size of the new bond has not yet been disclosed. The proceeds will be used to build the first 15 residences of the 30-unit Pulse Homes development.

Pulse is paying its executive chairman some JM$600 million for the Villa Ronai property that he owns. Pulse also said it was in the process of acquiring property adjoining Villa Ronai.

An artistic rendering of the entrance to a Pulse Home (Photo courtesy of Pulse Leisure Jamaica)

In the meantime, the company is planning to pursue its Additional Public Offering sometime later.

Colossal Holdings IC lists JM$2 billion on JSE

Colossal Holdings IC has listed $2 billion worth of securities on the Jamaica Stock Exchange’s Private Market.

It listed cumulative redeemable preference shares due 2022, valued at just over $705 million, and a senior secured 4.25% fixed-rate bond, valued at $1.3 billion.

With the two listings, the value of securities on the private market increased to $9 billion. That’s about 6 per cent of the Junior market’s capitalisation.

AVP, Alternatives and Fund Management, at NCB Capital Markets, Simone Hudson; Andre Gooden, business development manager, Jamaica Stock Exchange (JSE) Group; JSE Managing Director Marlene Street Forrest; Tracy-Ann Spencer, chief operating officer, NCB Capital Markets; Matthew Hogart, managing partner, MH&Co gather for the listing of Colossal Holdings’ securities on the JSE Private Market. (Photo courtesy of Jamaica Stock Exchange)

The first two securities, which were taken to the Market by Guardian Holdings Limited, were listed in February.

13 trades were recorded on the Private Market in April, valued at $8.67 billion.

Eppley buys two TT properties

Eppley Caribbean Property Fund has acquired two office buildings in Trinidad and Tobago.

General Manager of Eppley Justin Nam says the acquisitions are directly in line with the company’s strategy to scale and diversify by geography and asset type.

Justin Nam, general manager, Eppley Caribbean Property Fund Limited (Photo: Jamaica Observer)

The real estate mutual fund now owns 16 buildings in Jamaica, Barbados and Trinidad and Tobago comprising over 775,000 square feet.

Remittances up 30 per cent in February

Jamaicans abroad sent home 30% more money in February than they did a year earlier in 2020.

According to data from the Bank of Jamaica, net remittance inflows increased by nearly US$50 million in February. This means family and friends in the Diaspora sent back roughly US$212 million.

The Bank of Jamaica building in downtown Kingston. (File photo)

That’s a little less than the US$224 million they sent in January.

Between April 2020 and February 2021, Jamaicans abroad sent home US$2.6 billion in total.

68 percent of the remittances in February came from the United States.

13% came from the UK. Canada contributed 9%, and the Cayman Islands-about 6%.

ENDS rolled out islandwide

The E-Commerce National Delivery System,ENDS,  was rolled out to the entire island last week after a successful pilot.

Prime Minister Andrew Holness told Parliament that the demand has been overwhelming.

Jamaica Prime Minister Andrew Holness makes a point while speaking in the House of Representatives on Tuesday, May 12, 2020. (File photo)

He says work is also underway to launch ENDS 2.0 which will include a redesigned website and mobile apps. The upgrade will also feature interconnection with other government systems to facilitate proper monitoring and enforcement.

ENDS allows the quick service industry and delivery operators registered on the platform to operate during the hours of the curfew until midnight.