COVID-19 Response: 

• Business Continuity Committee established COVID-19 protocols for all buildings
• Taken steps to preserve cash, including rigid cost containment exercises and the suspension of quarterly dividends for both May and August 2020
• Protecting jobs for as long as possible; to date, we have not implemented any layoffs

 PJAM highlighted its strategic three imperatives:

1. Growth of Trading Portfolio

• • Specific focus on Jamaican markets, while maintaining diversification to hedge against shocks.

1. Take strategic additional equity positions

• • Utilize capacity to provide financial support and impart transformation leadership
  • Explore investment landscape for opportunities to partner with companies that meet investment guidelines, in industries that complement existing holdings

1. Expand real estate portfolio

• • Capitalize on deep history of and experience in property development, management and rental
  • Investment in real estate strengthened balance sheet with assets that provide steady, predictable cash flows and inflation hedge

Looking ahead, PJAM noted:

• There is no clear end in sight for COVID-19, both locally and internally.
• Management has taken a number of steps to preserve cash.

• • Rigid cost containment exercises
  • Suspension of quarterly dividends for both May and August 2020
• Strong liquidity position and low leverage
  • Portfolio of cash and securities of $13.6 billion
  • Debt to equity of 32.2%
• ROK Hotel and Residences- sale of residential section with top 4 floors comprising six penthouses, 36 apartments. Renovation work began in mid-2019. PJAM hoped to complete development in the late 2020s but now targets an opening date in the third quarter 2021.

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