MARGARITAVILLE Caribbean Group Limited (MCG) could use a newly incorporated Jamaican company to bring its local operations to the stock market, following a series of corporate registrations ahead of a planned public offering in the coming months.

The group announced on October 20 that it intended to raise equity for its Jamaican business through a public offering within 90 days, although it stopped short of identifying the company whose shares would be offered to investors.

A review of records at the Companies Office of Jamaica (COJ) by the Jamaica Observer points to a possible restructuring of the group’s Jamaican operations, with several entities incorporated or registered in recent months.

Among them is Margaritaville JM Limited, a Jamaican company incorporated on June 16, which owns two businesses registered on October 21 under the names Margaritaville Montego Bay and Margaritaville Negril. The registrations came just one day after the group announced its intention to pursue the public offering.

Margaritaville JM Limited is itself owned by Margaritaville Jamaica Inc, a St Lucian international business company (IBC) formed on March 10 and subsequently registered in Jamaica on September 2.

The ownership structure extends another level to Margaritaville St Lucia Inc, which owns Margaritaville Jamaica Inc and holds interests in several other companies within the wider group, including Margaritaville Limited, an existing Jamaican company.

While the registrations suggest that the group has been reorganising parts of its Jamaican business, MCG has not confirmed whether Margaritaville JM Limited will serve as the vehicle for the proposed listing or how the existing operations will be incorporated into the offering.

Margaritaville’s Jamaican operations include its entertainment and dining locations in Montego Bay, Negril and Ocho Rios, as well as Marguerites Seafood by the Sea.

The corporate changes also follow the removal of Margaritaville Montego Bay Limited and Margaritaville Negril Limited from the COJ’s register of companies, according to a recent review of the records. The relationship between those former companies and the newly registered businesses has not been publicly explained.

The proposed listing has been under consideration for several years.

In October 2023, MCG told the Jamaica Observer that it was exploring an initial public offering (IPO) to raise between US$4 million and US$5 million for its Jamaican operations.

Chairman Ian Dear subsequently indicated in October 2025 that the IPO was in the “very near future”, making the latest announcement the clearest indication yet of a timetable for the transaction.

That earlier update came approximately two weeks before Hurricane Melissa struck Jamaica, disrupting tourism activity and forcing businesses across the sector to contend with damage and reduced visitor arrivals.

In announcing the latest plans, Dear expressed confidence in the country’s recovery and the outlook for the upcoming winter tourism season.

“Jamaica has demonstrated remarkable resilience and continues to prove its strength and long-term appeal as a tourism destination. As we look ahead to what we anticipate will be a strong 2026/2027 winter season, we are excited about the immediate future of Margaritaville Jamaica,” he said.

He added that the group was particularly enthusiastic about opening its Jamaican business to public ownership.

“We are especially pleased at the prospect of giving the public an opportunity to become shareholders in our Jamaican operations and share in the value we aim to create through future growth and profitability. Tourism is central to Jamaica’s economy, and we believe there is tremendous value in widening the opportunity for ownership within the sector,” he said.

The proposed Jamaican IPO would mark another chapter in Margaritaville’s long-standing relationship with the Jamaica Stock Exchange (JSE), where several securities associated with the group have been listed over the years.

MCG previously had preference shares listed on the JSE Main Market between April 2014 and June 2017, following a listing by introduction.

Its subsidiary, Margaritaville (Turks) Limited (MTL), also raised US$1.59 million through an IPO of ordinary shares in 2014, securing a listing on the Main Market.

In July 2017, Margaritaville St Lucia Inc raised J$491.25 million through the sale of a 20 per cent stake in Express Catering Limited (ECL), which subsequently listed on the Junior Market.

ECL, which operates food and beverage concessions at Sangster International Airport, later raised US$12 million through a public bond issue in March 2024. The company is now preparing to refinance that debt through another bond issue in the coming months.

The financial statements of MTL and ECL also provide some insight into the financial relationships among companies within the Margaritaville group, although the assets and liabilities that would form part of the proposed Jamaican listing remain unknown.

For its financial year ended May 2026, MTL reported an increase of US$2.33 million in amounts receivable from Margaritaville Limited, bringing the outstanding balance to US$8.49 million.

That receivable represented approximately 75 per cent of MTL’s total assets of US$11.33 million, making it a substantial component of the company’s balance sheet.

ECL reported a similar increase in its exposure to Margaritaville Limited during its 2026 financial year. Amounts due from the Jamaican company rose by US$7.70 million to US$24.64 million, equivalent to approximately 39 per cent of ECL’s US$62.89-million asset base.

Investors will have to await the publication of the prospectus for details of the assets to be included in the offering, the company’s financial performance, the amount of capital being sought and how the proceeds will be used.