THERE appears to be a potential change of guard at Elite Diagnostic Limited which has seen nearly two-fifths of its shares, worth almost $250 million, moving hands, according to recent disclosures.

The medical imaging and diagnostic provider which specialises in services such as MRIs, CT scans and X-rays, published a disclosure on Tuesday revealing that a director and a related entity traded 35,289,628 shares and 15,515,994 shares, respectively, at $1.50 on September 29. It also revealed that a related entity traded 86,674,897 shares on October 1 at $2, the same price the company listed at in February 2018. The disclosure did not indicate if the connected individuals bought or sold shares in the company.

These three trades collectively represent 137,480,519 shares or 38.90 per cent of the company’s issued shares, with the value of the shares traded worth $248.69 million.

A review of the June 30 shareholder listings reveals Chairman Steven Gooden as the sole director with 35,289,628 shares, its third-largest shareholder. Excel Investments Inc was listed as the largest shareholder with 86,674,897 shares while Barnett Limited owns 15,515,994 shares. Excel Investments is connected to founders Warren Chung and Dr Neil Fong while Barnett is connected to Director Mark N Kerr-Jarrett. Barnett is Elite’s fifth-largest shareholder.

Less than five days after the last major share trade, 83,729,869 shares were traded across two transactions at $1.70, worth $142.34 million, on Tuesday. This represents 23.69 per cent of the company’s issued shares.

There have been several substantial share trades in Elite Diagnostic following its financial year (FY), which ended on June 30, surrounding its top 10 shareholders. There was a 31,438,024-share trade on July 6 at $1.40, a volume equivalent to number four shareholder JCSD Trustee Services Limited — Sigma Optima. That was followed by an eight-million share trade on August 3 at $1.40, a volume equivalent to number seven shareholder West Indies Radiology Outsourcing Limited.

On August 28, over 81 million shares traded at $1.50 per share — a volume of 66,028,392 shares matching number two shareholder NCB Capital Markets Limited and a volume of 14,513,589 shares matching number six shareholder Damian Chin-You.

Despite all these substantial share trades, there has only been one disclosure for three trades connected to three of the 10 largest shareholders. Excluding trades done on October 6, some 257,460,524 shares or 72.85 per cent of Elite’s shares have traded since July 6. The Jamaica Stock Exchange (JSE) Junior Market rule book stipulates that control occurs when any person acquires 50 per cent or more of the voting shares. It also speaks to a written statement disclosure when a further five per cent or more of a company’s voting shares are acquired by a person owning not less than 20 per cent of the company’s shares.

Elite’s first-quarter report is due by November 14 and would reveal the owners of the shares up to September 29. However, the subsequent trades would only be revealed in February 2027 if no disclosure arises.

ELITE SPENDS US$2 MILLION ON NEW PROPERTY

Elite Diagnostic previously indicated in 2025 that it would be moving from its original Holborn Road location to a more accessible site. The company has since disclosed it paid US$2 million ($313.97 million) to acquire 1 Winchester Road from the Jamaica Manufacturers & Exporters Association (JMEA) on June 10. The company’s fullyear numbers revealed that it had $346.44 million recorded as construction in progress related to the Winchester Road location.

“This investment increased the company’s asset base and provides a permanent location from which to expand our diagnostic services, strengthen our administrative and operational capacity, while improving access for patients and referring physicians. The development of the Winchester Road facility is expected to support the introduction and expansion of several planned imaging modalities,” stated the director’s report signed by Chung and Dr Fong.

Elite began leasing its 1B Holborn Road location in August 2012 before it expanded to its 164½ Old Hope Road location in September 2017. Two years later, the diagnostic imaging company opened its Drax Hall location as part of its first expansionary move outside of Kingston. It has mentioned the potential to expand to Montego Bay or other parts of the North Coast but the relocation from Holborn is expected to pull on its immediate liquidity needs.

For the June 2026 FY, Elite recorded a two per cent increase in revenue to $867.29 million — a performance it attributed to the upgrade of its MRI machine and lingering impacts of Hurricane Melissa — which hit sections of Jamaica last October — on its Drax Hall location.

Due to the company tapping additional debt during the year, its finance costs grew 23 per cent to $48.31 million, pushing its profit before tax down 14 per cent to $31.91 million. Net profit for the year declined 14 per cent to $27.60 million, with an earnings per share of $0.08.

“Although the result was below the company’s expectations, profitability was maintained through careful expenditure management, administrative and operational adjustments, and the resilience and commitment of our employees in implementing the strategies established by management,” the report added.

Elite’s asset base grew 18 per cent to $1.31 billion due to the acquisition of its new Winchester Road property and investment in its new MRI equipment. The investments resulted in its cash declining from $225.55 million to $124.55 million.

Total liabilities increased 30 per cent to $743.79 million due to the company accessing a $220-million loan from Sagicor Bank Jamaica Limited for the acquisition of the Winchester Road property.

Equity improved five per cent to $570.60 million. Elite’s share price closed Tuesday at $1.70, which leaves it up 10 per cent in 2022 with a market capitalisation of $600.78 million.

“Throughout the year, the company continued to prioritise regulatory compliance, equipment reliability, service quality, and patient care. Ongoing investment in technical training, customer service, and operational efficiency will remain central to our strategy as we respond to changes within the healthcare and diagnostic imaging sectors,” Elite’s report closed.