Trinidad and Tobago’s Unit Trust Corporation (UTC) is looking to expand into Jamaica before the end of the year.

Executive Director Nigel Edwards made the announcement last week. He says the move is part of a wider strategy for the company to increase its footprint in the English-speaking Caribbean.

Edwards says the financial institution already has a Jamaican partner for its expansion. He adds that the mutual fund offerings in the island are going to be denominated in both US and Jamaican dollars.

According to Edwards, Jamaica is the UTC’s primary market for expansion, with other markets in the region, like Guyana, also being targeted.

The UTC boss told the Trinidad Express that he’s not concerned about competition in Jamaica, as Jamaica’s mutual fund market is relatively small compared to T&T’s. UTC is reportedly the largest unit trust in the twin island republic.

Roots Financial acquires stake in WiPay Jamaica

Roots Financial Group has taken a five per cent stake in WiPay Jamaica. The transaction was done two weeks ago as part of a strategic alliance with the Jamaican start-up and WiPay Caribbean.

The sale price remains unknown. According to WiPay CEO Aldwyn Wayne, Roots Financial was chosen from a list of seven potential suitors.

Roots is led by former Sagicor Investments Jamaica CEO Kevin Donaldson. Donadlson left Sagicor nearly a year ago after the company announced a restructuring. As part of the deal, he will be appointed to the board of WiPay Jamaica.

Donaldson told the Business Observer that Roots Financial will be helping WiPay to grow its business through mergers, acquisitions and the company’s eventual IPO.

CARAIA woos Dominican Republic

The Caribbean Alternative Investment Association (CARAIA) is looking for new members in the Dominican Republic.

The association will host the second in its series of virtual roadshows there on Friday.

The series aims to lay the groundwork for an ecosystem for alternative investments in the region.

CARAIA Chairman Christopher Williams and director Audrey Richards will join local DR experts to introduce the association, share its objectives, and encourage membership.

The first roadshow was held in Trinidad in October 2020. The next will be scheduled for Barbados and the Organization of Eastern Caribbean States.

GK ramps up mergers

Grace Kennedy CEO Don Wehby says more mergers and acquisitions are in the pipeline for the company.

He made the disclosure at the company’s virtual annual general meeting (AGM) last week.

Already, GraceKennedy has about six mergers and acquisitions, which should be finalised by year end. Among the list is Scotia Insurance Eastern Caribbean and the 876 Blue Mountain Spring Water Brand.

Wehby says GK also has its eyes on an overseas food manufacturing and distribution conglomerate which it will be leveraging to grow its overseas market.

Sygnus eyes debt market

Sygnus Credit Investments will be taking on debt on the private market to help raise fresh capital.

The timeline for raising the new funds nor the amount being sought have not yet been disclosed.

Sygnus is still short more than US$20 million for its financing programme target of US$50 million.

It recently raised US$27 million on the Jamaica Stock Exchange via an additional public offering (APO).

US$12.6 million was used to repay a bridge loan and the US dollar portion of a revolving credit line while US$13 million was set aside for investment deals.

Chief Investment Officer Jason Morris told the Jamaica Gleaner that the company currently has over US$8 million of uncommitted funds to put into new investments, in addition to US$2 million from revolving credit facilities.

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