Mayberry targets $2.3 billion bond raise, company cuts losses after disposal of Caribbean Producers shares

 

 



Mayberry Investments Limited is inviting for subscription a new series of secured bonds, seeking to raise $2.3 billion, offering quarterly interest payments at 10. 25 per cent per annum for 24 months.

Mayberry, over time, has been expanding its portfolio of securities loans. Over this horizon it has secured participation from both high-income accredited investors and the general public, noting the benefits of quarterly interest payments. Subscribers can buy into the bond for minimum $20,000.

The Company reserves the right to up-size the Invitation by issuing an additional J$1,150,000,000.00 in secured bonds. Mayberry intends to use the proceeds to repay in full its J$2.282 billion – 11.00 per cent secured bond January 2025 – Tranche Mayberry III aggregating to J$2,282,770,000.00.

The Company intends to pay the expenses associated with the invitation out of the proceeds. Mayberry will make an application to list the Secured Bonds on the Bond Market Platform of the Jamaica Stock Exchange.

Mayberry Group Limited reported a 115 per cent increase in net profit attributable to shareholders of $1.1 billion to $144.9 million for the quarter ended September 2024 when compared to a loss of $986 million for the corresponding period in 2023.

Total operating income grew by $2.4 billion or 171 per cent to $980.4 million over the quarter last year, largely driven by the recording of net trading gains of $1.6 billion on the disposal of the Company’s 20 per cent ownership stake in associated company Caribbean Producers Jamaica Limited.

Unrealised gains on investments at fair value through profit and loss (FVTPL) saw reduced losses by $911.6 million during the quarter. This resulted in an earnings per share (EPS) of $0.12 (2023: (LPS) $0.82).

The Group reported net loss attributable to shareholders of $561 million for the nine months ended September 30, 2024, representing a 19 per cent or $132 million improvement on the loss incurred for the corresponding period in 2023.

Operating income grew $2.4 billion when compared to the corresponding period in 2023. This performance was primarily attributable to an increase in trading gains of $1.6 billion and reduced unrealized losses by 43 per cent or $899 million on the fair value through profit and loss (FVTPL) portfolio.

Total assets reported as at September 30, 2024, were valued at $61.7 billion, representing a $3 billion or 5 per cent increase compared to December 31, 2023. Net book value per share closed at $13.20, a $0.31 or 2 per cent decline over December 31, 2023.

Photograph: Christopher Berry, Chairman, Mayberry Investments

Caribbean Money Daily

Caribbeanmoney.blogspot.com

Follow us for breaking news

Contact: austanny@yahoo.com/1-876-727-3818


Comments

Post a Comment

Popular posts from this blog

Kintyre makes US$300,000 investment in Sevens Ice

Image
  Tyrone Wilson Chairman, President and CEO Kintyre Holdings (JA) Limited (KHL) and Seven Kingston Limited, owners of the Seven Ultra Lounge and Restaurant, on January 14 announced a joint venture to launch Sevens Ice. Kintyre Holdings has made an investment in excess of US$300,000 in acquiring an associate stake in Seven and also establishing the start-up for the ice venture. "This initiative addresses Jamaica’s growing demand for high-quality ice, with operations set to begin in Q1 2025," Wilson stated. Additionally, the venture has acquired a cold storage facility to manage its start-up capacity and is exploring the importation of ice to bridge the gap between demand and supply, ensuring a consistent and reliable market presence. Distribution Expansion Wilson said that Sevens Ice has secured a distribution point in Kingston and is in the process of setting up another in St. Catherine to serve the western and central parts of the island. This expansion will ensure broade...
Read more

BCMG increases risk management oversight: Launches surveys-as-a -service

Image
Insurance brokers in Jamaica often send underwriters themselves to survey risks; however, they frequently do not have the technical knowledge required to produce the best results. BCMG Insurance Brokers Limited (BCMG) in response, introduced - in support of the wider brokerage industry - an updated surveys-as-a service product which has been embraced by the wider community as groundbreaking. Senior Risk Manager on the New Business Team of BCMG David Lazarus explains, “We saw where the technical details and in-depth knowledge of the intricacies of business operations were not always being taken into consideration. This was seen as an opportunity to expand into this space.” In 2020, Billy Craig Insurance Brokers and Maritime General Insurance Brokers, MGI, signed an agreement to merge their operations to form BCMG Insurance Brokers Limited. Following the union, the new company has been exploring options to expand the service capability of the brokerage and increase value for clients...
Read more

Headhunting: The art of finding talent in a shrinking labour market

Image
KPMG, PricewaterhouseCoopers (PwC) and BDO -chartered accounting firms and business consultancies - are the main companies to which Jamaican corporates turn for headhunting services. However, there are also sole practitioners who are finding their feet in a climate in which human resource management and talent hunting is in big demand. Also known as an executive search, headhunting differs from traditional recruitment. It is used to hire high level employees such as CEOs. The work of headhunters is getting harder in Jamaica. Wilfred Baghaloo - Partner, Advisory Services - PwC Jamaica comments, “We simply do not have enough qualified persons to provide necessary services to our clients locally and internationally in the financial advisory space. I believe we have reached the point (maybe four years ago) where we need to rethink our working permit immigration plan /approach. “Allowing more immigration and work permits will help us in the financial advisory space and also the country...
Read more