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WEEKLY BULLETIN for week ended February 18, 2011
Jamaica Money Market Brokers Limited:
Jamaica Money Market Brokers Limited has advised the Exchange that JMMB Insurance Brokers Limited (JMMBIB), the insurance brokerage subsidiary of JMMB Group, has acquired the portfolio of City Insurance Brokers Limited. The move is aligned with the Group’s strategy of continued diversification and growth in its business lines, both locally and regionally, as well as expansion into new
markets. The acquisition of the portfolio became effective on February 14, 2011.
National Enterprises Limited:
National Enterprises Limited has advised that three of the Company’s directors, namely, Messrs Jeffrey Maxime, Frank Look Kin and Dr Selwyn Ryan, retired at the eleventh annual meeting held on August 12, 2010. Subsequently, one director, Mr. Rudranath Indarsingh, resigned on May 27, 2010 and two directors, Mr Jerry Hospedales and Mr. Leroy Mayers resigned effective February 14, 2011. These actions leave the Company with only three directors which is insufficient to conduct effectively and efficiently the business of the Company.
FirstCaribbean International Bank Limited:
FirstCaribbean International Bank Limited has advised the Stock Exchange that it has accepted the resignation of the Chief Financial Officer, Francesca Shaw effective February 11, 2011. The Board of Directors appointed Ms. Kiyomi Daniel as the Interim Chief Financial Officer effective the date of Ms. Shaw’s departure. Ms. Daniel joined FirstCaribbean in 2003 as a Manager in the financial reporting group. She was promoted to Group Financial Controller in 2006 and most recently was named Chief Accountant for the FirstCaribbean Group. It has also informed the Exchange that Mr. Peter Steenveld, Chief Marketing Officer has resigned effective January 31, 2011.
Sagicor Financial Corporation:
Dodridge Miller, Group President and CEO of Sagicor Financial Corporation (Sagicor) announced that Sagicor has started discussions with the International Finance Corporation (IFC), with a view to developing a significant partnership between the two institutions. Mr. Miller explained, “Last year when IFC first approached us with a view to partnering with Sagicor, we considered the proposed relationship would be very advantageous to the Company. An approach from such a respected international private sector investor, a member of the World Bank Group, demonstrates confidence in the management and operations of Sagicor.
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