September 21, 2020

The Government of Jamaica’s joint agency initiative, Port Royal 2020, has received support from the Inter-American Development Bank (IDB) to the tune of USD$110,000. This funding will support the continued technical assessment and Master Urban Planning for the town. The Urban Development Corporation (UDC) is the coordinating agency for Port Royal 2020. Formally known as ‘Programa Patrimonio Vivo del BID’ (IDB Living Heritage Program),  the initiative is sponsored financially by the Spanish Government and seeks to strengthen the capacities of cities in the Latin America and the Caribbean (LAC) Region, to promote the conservation and enhancement of heritage as a means of achieving sustainable urban development and improve living conditions. The Program is based on a new paradigm for intervention in heritage areas, which builds on the idea of heritage as a “valuable sustainable, equitable and resilient asset”, with the intention of contributing to the generation of compact cities, with mixed uses; social and economic diversity; and promoting the use of smart and energy-efficient technology. The Living Heritage Program was identified as a seamless fit for Port Royal 2020 as the project seeks to transform the town into a SMART, safe and secure community with a vibrant local economy, preserved cultural heritage and protected natural environment for the sustainable use by citizens and visitors. The regeneration and enhancement of Port Royal’s rich heritage present a unique opportunity for urban sustainability and allows for cultural preservation and the opportunity to renew and revitalise the town’s infrastructure towards improving the overall environment and generating positive effects for local economic development, urban mobility, equity and social cohesion. Gilberto Chona, Lead Specialist, Urban Development Economics at the IDB spoke to the organization’s partnership with the UDC on the Port Royal 2020, stating that “the IDB is honoured to be part of this important collaboration that has the potential of sustainably improve the lives of the residents of Port Royal and the Kingston (Harbour), by investing in the valuable tangible and intangible assets that Port Royal possesses.” UDC’s Deputy General Manager for Planning Development & Project Management, Loy Malcolm shared that “The strides made with Port Royal 2020 have been significant and major milestones have been met since the project formally got underway in November 2019. While COVID-19 has slowed the pace with which the project is developing, we welcome the Living Heritage Program on board to provide this much-needed support. The Corporation is pleased to know that Jamaica has been selected to form part of this global heritage preservation initiative and that Port Royal will serve as the flagship.” Port Royal, Jamaica is one of only two Caribbean localities on the Living Heritage Program thus far, with Speightstown, Barbados being the other. Source: The Jamaica Gleaner

A senior executive at Portland Private Equity (PPE) says that junior market prospect, Tropical Battery has significant runway ahead of it with the transitions taking place in the automotive and renewable energy spaces. Vice-president of Investments at Portland Private Equity, Ricardo Hutchinson has identified future opportunities in the electric car market for Tropical Battery. “The COVID pandemic has served to highlight the key role that Tropical Battery plays as a market leader in the automotive battery space, which we believe may create opportunities for an increase in market share. The company is also in a strong position to take advantage of the transition of the economy to more efficient power storage in both the automotive and electric energy space,” Hutchinson told Loop News. He said, “Tropical Battery’s experience in battery technology puts it in prime position to take advantage of the transition to electric cars which are 90 per cent batteries and 10 per cent cars compared to the current models which are 90 per cent cars and 10 per cent batteries.” Moreover, as climate change forces adaptation to cleaner energy, Tropical Battery is well placed to expand its leadership position to this sector which is very reliant on battery technology, the investment manager said. Tropical Battery last week issued the prospectus for an offer of up to 325 million ordinary shares in the company. Priced at one dollar per share, the offer will open on September 22, 2020, and close on September 30, 2020. If all shares are subscribed, the company aims to raise $325 million, some of which will go to selling shareholders and the remainder to funding company expansion. “In addition to the growth opportunities mentioned in the prospectus, we remain bullish on the company and believe that there is room for growth of the short, medium and long term,” Hutchinson said. Portland Equity’s connection with Tropical Battery began in 2017, when the latter’s holding company Diverze, received US$8 million in a deal structured to allow PPE to make additional investments in the company. The deal was transacted through Portland Caribbean Fund II (two), to finance expansion plans both for Tropical Battery and Chukka Caribbean Adventures, companies owned by the Melville family. “We aren’t selling any of our position,” said Hutchinson. “We don’t directly own any of the Tropical Battery shares. “The Selling shareholder mentioned “Dai Diverze (Jamaica) Limited” is a subsidiary of the company we invested in Dai Assets Inc.” Hutchinson stated, “We are currently not contemplating an exit as we believe that Tropical Battery has significant runway ahead of it with the transitions taking place in both the automotive and renewable energy spaces.” All of the issued shares in Tropical Battery Company Limited are held by Dai Diverze, a company incorporated under the laws of Jamaica. Meanwhile, all of the issued shares in Dai Diverze (Jamaica) Limited are held by Diverze Assets Inc., a company incorporated under the laws of St. Lucia). The shareholders of Diverze Assets Inc. are Portland Private Equity (holding 40 per cent of the issued capital of Diverze Assets Inc.) and Mark Melville, Alexander Melville and Daniel Melville (collectively holding 60 per cent of the issued capital of Diverze Assets Inc.).   Source: Loop Jamaica