Business Briefs
Published:Wednesday | July 14, 2021 | 12:09 AM
● Barita wants more from the market
Barita Investments Limited will soon be seeking shareholder approval for another fundraising drive. The board of directors will set a date for an extraordinary general meeting at their board meeting today, July 14, for owners of the company to vote on the plan. Barita has not indicated how much capital it wants to raise this time. Its last offering of additional shares, called an APO, raised $13.54 billion for the company last September.
● Companies faltering on filings
Companies Office of Jamaica is reporting that about 70 per cent of companies have not filed a change of address or the mandatory annual returns for year 2020, amid a warning that the companies in breach could be struck from the register or be forced to comply with the rules via court proceedings.
“As we try to make compliance convenient, we are exploring having filings done online. However, we have to be guided by the Companies Act, as well as other relevant legislation, and look at a number of factors,” said Deputy CEO and Director of Operations Shellie Leon.
It costs $5,000 for profit-making company to file an annual return and $2,000 for a non-profit.
Companies Office said it removed 2,077 companies from the register in financial year 2020-21 for breaches, but also restored 56 companies. Companies that want to be removed from the register voluntarily have been given an extended window to initiate and complete the process. It’s the third extension being granted by Companies Office, which now extends the deadline from the previous August 31 to September 30.
● Another BOJ crypto-danger alert
The Bank of Jamaica, BOJ, is still concerned that Jamaicans are a little bit too enamoured with cryptocurrencies and may be blind to their danger. It has issued yet another advisory warning of the risk of investing in or using the digital currency for transactions, and reminding persons that they are not legal tender. Its warning this time came with an itemised list of crypto-danger, as follows:
1. High volatility, causing significant fluctuation in value;
2. The use of cryptocurrencies in the conduct of criminal activities, including money laundering and the financing of terrorism;
3. Higher degree of cyber fraud/hacking;
4. Settlement risks that may arise, as this currency is not issued or backed by the central bank or other monetary authority.
BOJ has been issuing the warnings about cryptocurrencies for several years, but seemed to have ramped up the frequency of its advisories during the pandemic. The central bank is itself in the process of developing a digital currency, or CBDC, in partnership with Irish firm eCurrency Mint Limited, that will become legal tender alongside Jamaican notes and coins. The pilot issue of the BOJ CBDC is expected in August.
● New head of ops at CPJ
Caribbean Producers Jamaica Limited has hired a new man to oversee operations at the food manufacturing and distribution company. Charles D’Agostino, who “brings over twenty years of industry knowledge and experience to the role”, became the general manager of operations on July 1, CPJ said in a market filing.
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