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Business notes

Joanna Banks appointed to Agostini Limited’s board

Joanna Banks, senior vice-president of new business development and strategy at Panjam Investments Limited, has been appointed to the board of Agostini Limited with effect on April 1. Agostini Limited is a Trinidadian-based conglomerate involved in manufacturing, construction and distribution of various products in the Eastern Caribbean. Agostini saw a five per cent jump in revenue to TT $3.4 billion ($74.03 billion) and a net profit attributable to shareholders of TT $126.2 million ($272.7 million) for its 2020 financial year.

First Citizens Bank takes stake in Term Finance (Holdings) Limited

Trinidadian-based banking group First Citizens Bank took a 19.99 per cent stake in the web-based credit institution Term Finance (Holdings) Limited. Panjam currently holds a 20 per cent stake in Term Finance (Jamaica) Limited which is owned by the parent company and Mouttet Capital Limited.

Dividends cut

CAC 2000 Limited and FirstCaribbean International Bank (FCIB) chose not to declare dividend payments at the most recent board meetings of the companies with the rationale being cash preservation. Although CAC saw slightly increased profits, FCIB’s revenue dipped by 14 per cent with net profit falling by 40 per cent to US $30.1 million ($4.42 billion). Scotia Group Jamaica Limited declared a $0.40 dividend which was 27 per cent lower than last year with only $280.51 million being payable due to the current Bank of Jamaica restriction for only those owning less than one per cent of financial holding companies. Stanley Motta’s board has considered a special board meeting to consider a special dividend to shareholders.

Junior Market still on top

Apart from Ciboney Limited, which rose by 655 per cent up to the end of February, Lumber Depot Limited, Icreate Limited, Jamaica Teas, Everything Fresh and Caribbean Producers Jamaica were the main risers with each firm up by 30 per cent since 2020 started. Caribbean Flavours and Fragrances and Mailpac Group Limited are also up by 30 per cent with Salada Foods, QWI Investments Limited and GraceKennedy giving a similar level of price increases for 2021.