Supreme Court clears Scotia Group Jamaica path toward delisting and privatisation

The Supreme Court has given Scotia Group Jamaica permission to call a shareholder meeting on a proposed scheme of arrangement that would leave the company wholly owned by Scotiabank Caribbean Holdings Limited and remove it from the Jamaica Stock Exchange.

If shareholders approve the plan and the court later grants final sanction, the deal is expected to complete in the fourth quarter of 2026. Scotia Group Jamaica would then operate as a private subsidiary of its parent. The lender first outlined the privatisation move in June and said the change would not materially affect day-to-day operations.

Separately, NCB Capital Markets arranged a $600 million, four-year corporate bond for Future Energy Source Company (FESCO). Proceeds are earmarked to refinance existing debt and boost working capital as the fuel retailer expands. FESCO said the funds will back new service stations and acquisitions, with a target of 26 company-owned and dealer-operated sites by year-end.

On the Jamaica Stock Exchange, the main index rose 331 points while the Junior Market index fell 21 points. Advancers included Jamaica Public Service 9.5% shares, Caribbean Assurance Brokers, Sagicor Real Estate Finance US-dollar shares, and One Great Studio. Declining issues included Margaritaville Turks, Elite Diagnostic, Cargo Handlers, O.R. Williams, and Caribbean Flavours and Fragrances. Twenty-eight stocks closed unchanged.

In foreign exchange trading, banks and cambios sold the US dollar at an average of $159.50, the Canadian dollar at $113.78, the pound at $213.85, and the euro at an average of $186.90.

Customers of Jamaica’s major utilities are still meeting long waits and uneven help when they seek support, according to the Office of Utilities Regulation’s 2025 mystery shopping survey. Interactions with Jamaica Public Service, the National Water Commission, Digicel, and Flow pointed to slow response times, conflicting answers to basic questions, incomplete information, and unclear escalation paths across call centres, websites, and social media. Drawing on more than 430 customer contacts, the OUR also found digital channels still lagging, with many people preferring in-person help for complex problems. The regulator is pressing providers to set stronger service standards, including maximum wait times, quicker digital replies, and improved training for front-line staff.