September 1, 2020
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:
- Growth of Trading Portfolio
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- Specific focus on Jamaican markets, while maintaining diversification to hedge against shocks.
- Take strategic additional equity positions
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- 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
- Expand real estate portfolio
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- 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.
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- 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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