Latest episodes
Browse the newest Taking Stock conversations in playlist order.
Inside Sagicor’s Plan for One Caribbean Group
Bonds vs Inflation: Where Should Your Money Go?
Jetcon’s New Cars Are Driving a Turnaround
Could This Be the Future of Housing in Jamaica?
Adam Stewart on Sandals, Jamaica’s Tourism Industry & ATL’s Caribbean Expansion
Lisa Hanna on Beauty, Business and Her Controversial Campaign
Is Barita Building Jamaica’s First Digital Bank?
What Happens to CIBC Customers Now?Inside each episode
The stories, analysis and conversations shaping business across the Caribbean.
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Long-form conversations with the people leading major companies, industries and investments across the region.
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Market experts break down company results, economic developments and the investment implications behind the headlines.
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A fast-paced roundup of the biggest business stories from Jamaica, the Caribbean and international markets.
Market Recap
A concise look at the week’s market performance, including the key index movements, leading stocks and trends investors should know.
Taking Stock Articles
Reporting and analysis developed from Taking Stock’s main interviews and analyst conversations.
Stop Wasting Money on Marketing: JMMB Executive Shares Low-Cost Strategies for Entrepreneurs
JMMB Group Chief Marketing Officer Kerry-Ann Stimpson says small businesses can grow without enormous advertising budgets by understanding their customers, delivering value and making purchasing easier.
Speaking as a Subject Matter Expert on Taking Stock with Kalilah Reynolds, Stimpson challenged the assumption that effective marketing must be expensive. Advertising is only one component of marketing, she said; the broader task is to understand customers, communicate value and help them buy. She warned: “You can’t outmarket a bad product or service.”
Stop trying to sell to everybody
Stimpson advised entrepreneurs to identify customers who are most likely to benefit from and pay for their offerings. She used financial education to illustrate the point: small business owners, young workers learning to invest and older workers approaching retirement may all need different products and messages. A broad audience is not necessarily an effective target audience.
Use AI to research your ideal customer
She recommended conversations with potential customers, social media research and tools such as ChatGPT, Claude and Perplexity to explore the needs, questions and interests of specific customer groups. A business targeting young Jamaican graduates, for example, could investigate the financial concerns and online conversations most relevant to them. Research should inform products and marketing messages.
Turn satisfied customers into promoters
Referrals can be an inexpensive way to grow, Stimpson said. A nail technician might ask happy customers to recommend the service and offer a discount of a few hundred dollars or J$500 on their next appointment in return for a successful referral.
Collaborate with complementary businesses
Stimpson encouraged partnerships with businesses serving similar customers without competing directly. A makeup artist might become a wedding planner’s recommended supplier, offer referral discounts and collaborate on Instagram posts showing shared projects. Each partner benefits from the other’s audience and credibility.
Make it easy to buy
Stimpson described Instagram boutiques that promote products but fail to respond when interested customers send direct messages, losing potential sales. She praised businesses with websites that allow people to browse and purchase without waiting for a reply. Digital channels should simplify the customer journey, not merely attract attention.
Be where your customers are
Rather than maintaining accounts on every platform, entrepreneurs should choose channels that match their audiences. TikTok or Instagram may suit some younger consumers, while LinkedIn may be better for business-to-business sales. Social media is not the only digital channel: a useful website or purchasing platform can be more important than another promotional account.
Avoid common digital advertising mistakes
Stimpson warned against advertising too broadly, creating AI-generated promotions that look like everyone else’s, and overcrowding mobile advertisements with text. She also cautioned against directing paid-ad visitors to a general homepage where they must search for the offer. A dedicated landing page that allows visitors to enquire or purchase can be more effective.
Sales aren’t the same as profit
Generating J$25,000 in sales after spending J$5,000 on marketing does not automatically mean a J$20,000 return, she explained. Entrepreneurs must also account for production, staffing, utilities and other costs of delivering the product or service to determine whether a campaign was profitable.
Start small and build
Stimpson’s closing recommendation was to begin with referrals, partnerships and existing networks, then increase spending as sales and profitability improve. Successful marketing is about reaching the right customers, giving them a reason to buy and ensuring the sale contributes to the bottom line.
Watch the interview: Taking Stock Episode 338 — Small Budget, Big Impact.
Jamaica’s Property Market Shifts as Apartment Buyers Gain Negotiating Power
Realtor Gary Matalon and property valuer Ryan Taylor say buyers have more negotiating power in some parts of Kingston, but conditions vary sharply by property type and location.
Jamaica’s real estate market is showing signs of a shift in bargaining power, particularly in uptown Kingston and St Andrew, where increased apartment supply is giving buyers more options. But the change should not be mistaken for a nationwide property downturn, the experts said on Taking Stock with Kalilah Reynolds.
More listings, longer selling times
Gary Matalon, Chief Operating Officer of different Group, said his company’s market data show a median selling period of approximately four months, with some listings staying on the market for as long as eight months before being withdrawn or expiring. Approximately one in five listed properties has had its asking price reduced, while as many as half are not selling, he said.
He stressed that this does not signal a crash. Well-located, realistically priced properties can still sell within days. Matalon said prices have approximately doubled since 2019, significantly outpacing inflation.
Apartments face the greatest pressure
Ryan Taylor, Managing Director of TASC Property Appraisals Company Limited and a Chartered Valuation Surveyor, said the shift is most evident among one- and two-bedroom apartments in Kingston 6 and Kingston 8. Benchmark prices for one-bedroom units have hovered around J$35 million since 2024, while two-bedroom units have generally sold for around J$50 million, depending on size, amenities and location.
Taylor estimated roughly 200 active one- and two-bedroom listings in the market segment he examined. However, he cautioned against treating those numbers as representative of the entire island. Townhouses and detached houses remain comparatively scarce and can sell quickly when correctly priced. Demand also remains strong for affordable homes costing J$25 million or less.
Location matters
Matalon clarified that his buyer’s-market assessment focused on Kingston 6 and Kingston 8. Taylor said townhouse values have continued to rise, estimating annual increases of roughly six to eight percent from 2023 to 2026. The north coast is also behaving differently, with tourism and short-term rental demand influencing prices.
Interest rates and affordability
Higher borrowing costs could cause some buyers to delay purchases, Matalon said, particularly amid global uncertainty affecting diaspora investors. Taylor argued that Jamaica’s strong culture of homeownership may sustain demand despite higher financing costs, although the full impact remains uncertain.
What buyers should do now
Matalon encouraged buyers to research the market and negotiate, while warning that greater leverage does not mean properties will be available at fire-sale prices. Taylor urged prospective buyers to seek professional valuation advice, study supply in the specific property category and ensure any purchase aligns with their financial goals.
Both remain optimistic about Jamaican real estate in the long term. Their message: today’s market rewards careful research and realistic pricing more than ever.
Watch the discussion: Taking Stock Episode 338 — Is Kingston’s Real Estate Market Finally Turning?
After Scotia’s offer, what comes next for your investment portfolio?
Scotia Group Jamaica shareholders assessing the increased J$75-per-share offer should also consider what happens to their portfolios after a sale, according to Sagicor Investments analysts Oral Russell and Ossey Farr.
Speaking on Money Media’s Taking Stock, the analysts discussed how corporate actions can affect investment income, sector exposure and the balance of a portfolio. Their discussion covered Scotia’s offer, Seprod’s proposed stock split and additional public offering, and Massy’s planned sale of its Caterpillar business line.
The central question was how investors should reassess their holdings when a company changes—or leaves—their portfolios.
Start with why you owned Scotia
Russell said Sagicor’s research team had recommended accepting Scotia’s increased offer, which rose from J$61.50 to J$75 per share.
He described the revised price as close to the team’s valuation and attractive relative to the stock’s trading history.
But deciding what to do with the proceeds requires a separate assessment.
Investors should revisit their objectives, the structure of their portfolios and conditions in the market before selecting replacements, Russell said.
For some shareholders, Scotia provided regular dividend income. For others, it offered exposure to the financial sector. Those purposes should guide the next decision.
Russell identified NCB and Sagicor as financial-sector companies investors could assess. Outside that sector, he mentioned Carreras, TransJamaican Highway and Supreme Ventures as companies to consider when reviewing income opportunities.
These were possibilities raised during the discussion, rather than a single replacement suitable for every shareholder.
Replacing dividend income may require several holdings
Farr highlighted Carreras’ record of dividend payments and its position in Jamaica’s tobacco market.
He said the company’s outlook was supported by its market position, cost management and efforts to respond to changing consumer preferences, including through its Vuse vaping products. He also pointed to efforts to address the illicit cigarette trade.
However, replacing income from Scotia requires more than selecting another company known for dividends.
Farr said shareholders should compare the dividend income they received with what potential replacements could provide. Rebuilding that income stream may require a combination of holdings.
The amount invested, the number of shares purchased and the dividends paid all affect the income a shareholder receives. A company’s past dividend record also does not guarantee future payments.
Farr identified disruption to Carreras’ distribution network as one risk investors should consider, noting that its cigarettes are manufactured outside Jamaica.
A stock split changes the share count
The analysts also discussed Seprod’s proposed five-for-one stock split and potential additional public offering.
Russell explained that, under a five-for-one split, an investor holding one share would hold five afterwards. The corresponding adjustment to the price means the split itself does not increase the value of that holding.
A lower price per share could make smaller purchases more accessible, but any subsequent price appreciation would depend on market activity. It is not created automatically by the split.
An additional public offering raises a different question. Issuing new shares can dilute an existing shareholder’s percentage ownership if that shareholder does not participate proportionately.
The discussion highlighted the importance of examining how the company intends to use the funds raised.
Russell said investors should assess whether the proceeds would reduce debt or support profitable growth. Farr linked the potential fundraising to Seprod’s broader efforts to strengthen its balance sheet following acquisitions.
The proposals discussed on the programme remained subject to the relevant shareholder approvals and subsequent decisions.
Massy’s sale puts the use of proceeds in focus
Farr described Massy’s proposed sale of its Caterpillar business line as part of a wider effort to redeploy capital into areas with stronger growth potential.
He said investors should consider the transaction alongside the group’s work to expand distribution and logistics, including investments in Trinidad and planned capacity in Guyana.
Farr cautioned that divestments could put pressure on near-term profits, while arguing that the longer-term outcome would depend on how effectively the company used the released capital.
For shareholders, the sale price is therefore only one part of the assessment. The earnings impact, the businesses retained and the returns from subsequent investments also matter.
Borrowing adds another layer of risk
An audience question asked whether investors should borrow to buy a stock such as Seprod.
Russell cautioned that future share-price gains are uncertain, while borrowing creates a repayment obligation. Investors taking that approach could face financing costs without the market gains they expected.
Across the discussion, the analysts returned to the same starting point: review your goals and the role each investment plays before reacting to a corporate announcement.
This article reports the analysts’ views for educational purposes. It is not personalised investment advice.
Watch the full Analysts discussion on Taking Stock.
Caribbean CEOs cannot afford to say “I’m not a techie,” says Kirk-Anthony Hamilton
Caribbean business leaders need to take a more active role in adopting artificial intelligence, moving beyond experimentation to using the technology to improve operations and reach new customers, says Tech Beach Retreat co-founder Kirk-Anthony Hamilton.
Speaking on Money Media’s Taking Stock, Hamilton challenged the tendency among some regional executives to distance themselves from technology.
The familiar response, “I’m not a techie,” is becoming increasingly difficult to justify in a leadership position, he argued. As AI becomes more deeply integrated into business, executives in both the private and public sectors need to understand how it can change the organisations they lead.
That does not mean every CEO needs to become a programmer. Hamilton’s emphasis was on learning how the available platforms work, identifying useful applications and putting them into practice.
Training needs to become practical
Hamilton said the transition will require retraining, but questioned whether traditional approaches to staff development are sufficient.
“We’re in an execution era,” he said.
Rather than relying primarily on presentations and classroom exercises, he argued that employees need access to the technology, opportunities to experiment and guidance on using it effectively.
That could include access to paid subscriptions where more advanced capabilities are required. The objective should be practical results: helping people improve their work and build systems that benefit their organisations.
Host Kalilah Enriquez Reynolds described her own progression from using AI for research and scriptwriting to building websites and a platform to manage Money Media’s operations.
Hamilton said that kind of exploration demonstrates how the technology can help people move from an idea to something they can use.
He also stressed that users should check AI-generated work rather than accepting its output without review.
The opportunity goes beyond digitising paperwork
For Hamilton, the region’s ambition should extend beyond making existing processes digital.
He argued that businesses should use technology to expand their reach, reconsider who their customers could be and develop new ways to serve them.
Simply converting a paper process into a digital version while delivering the same result can leave much of the opportunity unexplored.
Hamilton warned that the Caribbean had already missed opportunities during earlier waves of technology-driven wealth creation. He urged regional entrepreneurs to focus on creating products and businesses with AI, alongside using tools developed elsewhere.
His message was that adoption should lead to new commercial opportunities, including solutions that Caribbean people can build and earn from.
Jobs and productivity
Asked about the threat to employment, Hamilton emphasised productivity and the need for workers to develop skills that businesses value.
He argued that companies are looking for people who can perform and deliver results, and that employees should consider how technology can strengthen their contribution.
The discussion also highlighted concerns about displacement. Hamilton’s response centred on adapting to the technology and improving performance, rather than assuming the workplace will remain unchanged.
A Caribbean Claude Impact Lab
Hamilton said the upcoming Tech Beach Retreat would include a Claude Impact Lab focused on Caribbean challenges.
He described plans for approximately 50 participants to work in teams, using the platform to develop solutions. The initiative would also involve a process to select ambassadors from across the Caribbean.
The lab’s emphasis, he said, would be openness, exploration and practical engagement with the technology.
Hamilton said Tech Beach’s tenth-anniversary event was scheduled for December 2–5, bringing together participants from the regional and global technology ecosystems. He also described EY as a planning partner for the conference.
AI infrastructure brings another investment conversation
The discussion extended to the infrastructure supporting AI, including data centres and electricity generation.
Hamilton said the growth of AI was drawing a different profile of investor into energy, including venture capital funds looking to support the computing infrastructure their investments require.
For Jamaica and the wider Caribbean, he argued, that could create new investment conversations. He also noted that regional data-centre projects do not necessarily need to resemble the enormous campuses attracting attention internationally.
On data privacy, Hamilton called for a more deliberate discussion about which information needs protection and why.
His broader message to Caribbean leaders was to engage with the technology, understand its implications and explore where it can create value.
Watch the full discussion with Kirk-Anthony Hamilton on Taking Stock.
Before Growing Your Business, Check These Four Areas
JMMB’s Tanniece Coote says entrepreneurs should assess their finances, staff, operations and systems before committing money to expansion.
Increasing sales, attracting more customers or receiving a sudden rush of orders may appear to be clear signs that a business should expand.
However, growing before the business is ready can create cash shortages, declining service, employee burnout and rising debt.
Tanniece Coote, SME Resource Centre Officer at JMMB, says entrepreneurs should evaluate four areas before expanding: finances, staff, operations and systems.
Speaking on Taking Stock, Coote explained that growth means different things for different businesses. It could involve adding products, hiring employees, serving more customers or opening another location.
Whatever form it takes, growth usually brings additional costs and responsibilities.
“Increased sales without being ready can create pressure instead of progress.”
1. Finances
Business owners should begin by reviewing their existing financial position.
That means understanding cash flow, monthly expenses, debt, profit margins and the amount of cash available to fund expansion.
A company may be profitable on paper while lacking enough cash to meet its immediate obligations. Entrepreneurs must therefore examine when money enters and leaves the business—not simply how much revenue they record.
Coote recommends creating different financial scenarios, including a worst-case projection.
For example, if the expansion fails to generate its expected sales during the first three months, can the business continue paying its expenses?
Entrepreneurs should also estimate the full cost of growth, determine whether borrowing will be required and assess whether the investment will improve profit margins rather than revenue alone.
2. Staff
Growth frequently creates pressure to hire, but adding employees too quickly can leave a business with expenses it cannot sustain.
Before recruiting anyone, the owner should identify the specific gap that needs to be filled. That gap may exist in customer service, production, bookkeeping, deliveries or marketing.
The position should solve a clearly defined problem.
Business owners also need to calculate the complete cost of employment and establish the person’s responsibilities, working hours and expected contribution.
Hiring a permanent employee is not always the first or best option. Businesses can consider extending the hours of existing employees, engaging someone part-time or outsourcing specialised work until the demand becomes more predictable.
3. Operations
A growing business must determine whether it can serve more customers without lowering its standards or missing deadlines.
Warning signs that a company is expanding too quickly include:
- Repeatedly delivering orders late
- Increasing customer complaints
- Employee burnout
- Persistent cash shortages
- Rising, unmanageable debt
- The owner having to approve every minor decision
- Higher sales without a clear improvement in profit
Receiving more orders than the company can fulfil is not necessarily a “good problem.” Unhappy customers can damage the company’s reputation, particularly when complaints spread through social media and word of mouth.
When an unexpected opportunity appears, Coote recommends testing it before making a large investment. The business could begin with a pilot programme, limited product run or temporary sales channel.
This allows the owner to measure demand and operational capacity before committing substantial money.
4. Systems
Business systems do not have to be expensive or complicated.
A point-of-sale tool, basic bookkeeping programme or documented customer-service process can help a business maintain accurate records and make better decisions.
At a minimum, owners should have systems for tracking:
- Sales and expenses
- Inventory
- Customer orders
- Outstanding payments
- Customer queries and complaints
- Tasks and workflow
- Data protection
Artificial intelligence can also help small businesses document processes, identify gaps and create repeatable workflows. However, these tools must be used responsibly and paired with reliable financial and operational information.
Build a practical growth plan
Coote recommends beginning with a clearly defined objective. Owners should decide what growth means for their business and why they want it.
They should then review their financial records, identify capacity gaps and document the processes on which the expansion will depend.
The final step is creating a practical plan containing projected costs, timelines, responsibilities and measurable indicators of success.
That plan should be reviewed regularly and adjusted as conditions change.
Growth may be desirable, but it should strengthen the business rather than overwhelm it.
Luwanna Williams Outlines Growth and Digital Strategy for JN Bank
New Managing Director Luwanna Williams says JN Bank will refocus on mortgages, expand business banking and use technology to improve customer service and efficiency.
JN Bank’s new Managing Director, Luwanna Williams, has outlined a strategy centred on restoring growth, improving the customer experience and expanding the institution’s digital services.
Speaking on Taking Stock, Williams said she returned to the JN Group after six years because she believes the organisation still has a strong brand, loyal customers and an important role in helping Jamaicans achieve financial security.
“This really does feel like a homecoming.”
Williams first joined the JN Group in 2012 and held roles in retail banking, investment banking and fund management before leaving at the end of 2019. She subsequently served as president and CEO of PROVEN Wealth.
She said JN was still transitioning from a building society into a commercial bank when she left. The institution she has returned to now offers a broader range of products, including mortgages, motor vehicle loans, unsecured loans and credit cards.
However, Williams said its longstanding commitment to its members has not changed.
“What I’m seeing now is a full commercial bank. We have not lost our heart.”
Listening before acting
Williams began her new role on September 7. During her first few weeks, she has focused on listening to employees, customers, board members, vendors and other stakeholders.
She described the period as a fact-finding exercise intended to identify the bank’s most urgent challenges and the initiatives that could have the greatest impact.
The process has included JN’s Own Your Journey tour, through which senior executives have been meeting members and business operators in communities across Jamaica.
Williams said these meetings give the bank an opportunity to explain its services while hearing directly from customers about what is—and is not—working.
Restoring growth
JN Bank and the wider JN Group have faced challenges in recent years, including the disposal of some business operations.
Asked how she plans to restore growth, Williams identified mortgages as one of the bank’s most important opportunities.
JN originated as a building society, and Williams said the bank intends to renew its focus on helping Jamaicans become homeowners. She pointed to the continued construction of new housing developments across the country as evidence that significant demand remains.
The bank will also promote its broader commercial banking services more aggressively.
“We really are a full commercial bank, and you’ll start seeing us showcase that a lot more.”
Business banking is another priority. Williams wants JN Bank to serve entrepreneurs both as individuals and through a more comprehensive suite of business-banking products.
The strategy will combine revenue growth with greater operational efficiency, particularly through technology.
Technology and customer service
Williams acknowledged that customers want shorter wait times and more convenient ways to complete routine transactions.
She highlighted JN Bank’s personal banking application, online banking platform and smart ATMs, which allow customers to deposit money, make loan payments and withdraw cash without entering a branch.
Customers can also use the 1JN Passport application to open accounts digitally. JN has begun adding loan products to the platform and plans to incorporate more services gradually.
Williams said these channels are intended to preserve personalised service while reducing the time customers spend completing basic banking transactions.
JN is also reviewing its ATM network following complaints about availability and reliability in some communities. The assessment will consider the condition and location of its machines and whether more ATMs are needed in certain areas.
Williams said customers should begin seeing improvements by the end of 2026.
Financing small businesses
Access to affordable financing remains a significant challenge for Jamaican entrepreneurs.
Williams said JN Small Business Loans provides more flexible financing to micro, small and medium-sized enterprises, including businesses that may struggle to meet the collateral requirements of traditional bank loans.
Its loan portfolio currently stands at approximately J$6 billion, she disclosed.
She said JN wants to lend responsibly, without placing entrepreneurs in financial arrangements that could damage their quality of life or jeopardise their businesses.
The aim is to support small enterprises as they grow, eventually allowing JN Bank to serve them through its larger business and corporate banking operations.
JN’s mutual structure
Unlike Jamaica’s publicly traded commercial banks, JN operates under a mutual structure in which its customers are members.
Williams said this should mean that members are placed at the centre of the bank’s decisions and are treated as more than transactions.
JN does not currently have plans to list the bank on the Jamaica Stock Exchange, she added.
Williams said her long-term goal is for customers to view JN as a genuine financial partner that offers valuable products, strong service and opportunities for members to be heard.
She also wants employees to feel engaged and supported throughout her tenure.
“I want all my stakeholders to remember this time as very positive.”
Strong demand for Jamaica’s US$1-billion bond sends positive signal to investors
Jamaica’s successful return to the international capital markets has strengthened the Government’s debt profile and provided it with additional financial flexibility as the country manages reconstruction and other fiscal pressures.
The Government issued a US$1-billion global bond maturing in 2037. Investor demand reached approximately twice the amount Jamaica was seeking, allowing the interest rate to be reduced from initial guidance of around 6.5 per cent to 6.25 per cent.
Taking Stock analyst David Rose explained that international bond transactions generally begin with an “initial price talk”—an estimated interest-rate range used to attract orders. As demand builds, the borrower may be able to reduce the final rate. In Jamaica’s case, strong orders allowed the Government to cut the rate by 25 basis points, or one-quarter of a percentage point.
The investors were not confined to the United States. Global bonds can be purchased by institutions, investment funds and asset managers around the world, including funds through which Jamaican investors may have indirect exposure.
Refinancing older debt
Most of the new borrowing is being used to manage existing obligations rather than simply add to Jamaica’s debt stock. Approximately US$600 million of the proceeds will be used to repurchase portions of three older Government bonds, while the remaining US$400 million will support general budgetary needs.
Rose said debt itself is not the only concern; the maturity schedule and cost of servicing that debt are equally important. Jamaica currently has major global bonds maturing in 2028, 2030, 2036, 2039 and 2045. Refinancing part of those obligations now allows the Government to spread out future repayments and reduce pressure around upcoming maturities.
The transaction is expected to lower Jamaica’s annual interest bill by approximately US$3.5 million. The Government has used similar liability-management exercises before, including a 2023 transaction that repurchased debt due in 2025 and part of the 2028 bond.
Rose described this as the first transaction of this scale in nearly a decade. By extending the maturity of some obligations and lowering the associated interest cost, the Government improves the profile of its external debt even though the headline amount of the new issue is US$1 billion.
The structure also leaves the Government with additional resources. Based on the securities filings discussed on Taking Stock, Jamaica could receive net proceeds of approximately US$590 million after the repurchase exercise and related transaction costs. That is roughly J$93 billion that can be deployed according to the Government’s financing needs.
What the pricing says about Jamaica
Global bonds are generally priced relative to United States government debt, which is treated by the market as the risk-free benchmark. The rate Jamaica pays therefore reflects both prevailing US yields and the additional return investors demand for taking Jamaican sovereign risk.
Jamaica’s 6.25 per cent rate compares favourably with Trinidad and Tobago’s recent US$1-billion bond, which was issued at approximately 6.5 per cent. Rose cautioned that the countries have different credit ratings and fiscal outlooks, so the headline rates are not directly interchangeable. Even so, Jamaica’s ability to attract twice the amount offered and reduce the final pricing is a positive market signal.
The response suggests that international investors continue to recognise Jamaica’s record of fiscal discipline and debt reduction. It also indicates confidence that the country can manage its obligations despite higher global interest rates and current spending pressures.
That confidence could have wider implications. Stronger pricing on Jamaica’s international debt can help establish a benchmark for future Government borrowing and may give investors more comfort with locally issued GOJ instruments, including bonds and Treasury bills.
More flexibility—but continued risks
The transaction gives the Government additional room at a time when revenue has come under pressure. Between April and July 2026, the fiscal deficit was approximately J$33 billion, compared with a budgeted deficit of J$30 billion, partly because corporate tax receipts were weaker than expected.
Borrowing cannot replace the need for careful fiscal management. The benefits of the bond depend on the Government using the proceeds productively, maintaining confidence in its debt-reduction strategy and avoiding a reversal of the discipline that helped Jamaica regain access to international capital on improved terms.
For local investors, the main takeaway is that Jamaica has been able to refinance debt at a lower cost, extend parts of its maturity profile and attract substantial demand in a difficult global environment. The central test will now be how the Government deploys the available funds and whether it can preserve the fiscal discipline that made the transaction attractive in the first place.
EduFocal AGM raises fresh concerns about disclosure and shareholder dilution
EduFocal’s proposed transformation into a diversified holding company has raised new questions about disclosure, shareholder dilution and the future direction of the listed education-technology business.
Shareholders voted on two significant resolutions at the company’s annual general meeting: changing EduFocal Limited’s name to Walstron Limited and authorising its directors to issue additional shares. Although the results of the first four AGM resolutions were announced, the company said the results of these two votes could take up to 30 days.
Economist Janiel McEwan told Taking Stock that the delay matters because the resolutions go well beyond routine AGM business. A poll counts votes according to the number of shares held rather than by a simple show of hands, which means the final result will reflect the influence of the company’s largest shareholders.
McEwan said shareholders must hold two realities at once. EduFocal achieved a significant operating turnaround in 2025, cutting costs by approximately 86 per cent and moving from a $235-million operating loss to a $24-million operating profit. Management, he said, deserves credit for that improvement.
However, revenue declined by 28 per cent, the company still recorded a net loss of approximately $29 million, and it ended the year with a $163-million equity deficit and just over $100,000 in cash. Its auditors also highlighted material uncertainty about EduFocal’s ability to continue as a going concern.
Questions about new shares
The proposed share-issuance authority has become the most contentious part of the AGM. It would allow the directors to issue previously unissued shares to executives, key partners, legal advisers, employees or other parties, including as payment for services or to settle obligations.
Issuing shares rather than paying cash could help EduFocal conserve its limited funds. However, the resolution did not specify how many shares could be issued, the price at which they would be issued or who would receive them.
EduFocal has approximately 648 million shares in issue, while its articles allow an unlimited number. Any material new issuance could reduce existing shareholders’ ownership percentages and voting power.
Widebase Limited, a Mayberry Group subsidiary and EduFocal’s second-largest shareholder, formally objected to the resolution. Its representative argued that shareholders needed enough information to understand the potential dilution and suggested that the matter be deferred to an extraordinary general meeting or, at minimum, decided through a poll.
A wider mandate
The proposed name change would accompany a significant expansion of the company’s stated purpose. EduFocal would move from being primarily an education-technology company to a diversified holding company operating across education, technology, commerce, property and real estate.
No acquisition, property transaction or commerce venture was identified in the AGM documents, and management indicated that there was no specific transaction to announce. Shareholders were therefore being asked to approve the authority for a broader strategy before seeing how it would be used.
The proposal has drawn comparisons with iCreate’s transition into Kintyre Holdings, which similarly moved beyond its original business into a wider holding-company model. Kintyre shows that such a transition can be executed, but McEwan cautioned that its experience contains different lessons across different parts of the business. The comparison is therefore useful as evidence that the model can work, not yet as evidence that EduFocal will achieve a similar outcome.
McEwan said diversification could create opportunities, but it also carries additional risk given EduFocal’s balance-sheet position. If education technology remains central to the company’s mandate, he argued that management may need to strengthen the core operation before spreading its resources across several new sectors.
EduFocal’s history of late financial filings, including a previous suspension, adds to the demand for fuller disclosure. The company had also not published its second-quarter 2026 results at the time of the discussion.
Over the next 30 days, shareholders will be watching for the final poll results as well as clearer answers on the potential size, pricing and recipients of any new share issue. They will also need details about the opportunities Walstron intends to pursue and the safeguards that will protect minority shareholders if the company’s transformation proceeds.