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Jamaica Producers Group -Analysis & Recommendation- January 29 2018



Jamaica Producers Group Limited (JP), formerly the Jamaica Banana Producers Association Limited, is a wholly Jamaican-owned company listed on the Jamaica Stock Exchange. The Group was incorporated on April 1, 1929, as a direct descendant of the Jamaica Producers Association formed in 1925, under which separate co-operatives – one for the marketing of each agricultural product – were set up. The company was formed with the objective of protecting the co-operative and the local banana industry from failure due to fierce competition from the large foreign-owned fruit companies in the shipping and marketing of Jamaican bananas....Read More



Kingston Wharves Limited-Analysis & Recommendation- January 26 2018



Kingston Wharves produced net profits attributable to shareholders of $741.88M for the six months ended June 2017, a 33.8% or $187.32M increase year-over-year. Driving these results were revenues of $2.94B, up 18.9% or $467.42M. The Terminal Operations Division reported revenues of $2.30B, up 19.5% year-over-year, while the Logistics and Ancillary Services Division generated revenues of $643.02M, up 17%...Read More



Sagicor Group Jamaica Limited-Analysis & Recommendation- January 24 2018



Sagicor Group Jamaica (SGJ) is a leading financial services group in Jamaica, commanding the largest market share in many of the lines of business it operates. SGJ primary business segments include: the Individual Insurance Division; Employee Benefits; Sagicor Bank Jamaica Limited; and Sagicor Investments Jamaica Limited. SGJ is incorporated and domiciled in Jamaica and is listed on the Jamaica Stock Exchange. It is 32.45% (2015 – 32.45%) owned by LOJ Holdings Limited which is also incorporated and domiciled in Jamaica and wholly owned by Sagicor Financial Corporation (SFC). The other significant shareholder in SGJ is PanJam Investment Limited...Read More


Jamaica Broilers Group Analysis & Recommendation- January 23 2018



Incorporated in 1958, Jamaica Broilers Group Limited (JBG) is a publicly-listed company whose principal activities include the production and distribution of poultry products, animal feeds and agricultural items. In addition, one of the company’s subsidiaries, JB Ethanol Limited contractually processes fuel products on behalf of customers for a fee...Read More


Credito Real Analysis & Recommendation- January 23 2018



Credito Real is a leading financial institution in Mexico, with a focus on consumer lending. The Company has a diversified and scalable business platform in five main business lines: payroll credits, durable goods loans, small  business loans, group loans and used car loans. Credito Real offers products mainly to the low and middle income segments of the population, which historically have been underserved by other financial institutions...Read More



Jamaica Update & Outlook- January 22 2018



Historically the Jamaican dollar has followed a path of depreciation since the challenges of the 1990’s. However, of late, improvements in the fiscal, reduced oil prices and its pass through effect to the balance of payments (BOP), the NIR and inflation have led to less aggressive depreciation and even appreciation. This piece takes a truncated view of recent happenings and seeks to highlight how the central bank has improved the process via improved information flow to the market...Read More



Dominican Republic Update & Outlook- January 19 2018



The Dominican Republic remains the fastest growing economy in Latin America and the Caribbean despite an expected slowdown in 2017. The growth momentum is tempered in part by slower Government spending to meet the fiscal target over the medium-term. Tourism and related construction activities remain the main drivers of the growth dynamics with aid from mining and exports from the free zones. Inflation is trending up in part due to an increase in crude oil prices. The domestic economy is heavily dependent on imported fossil fuels for transportation, electricity generation and domestic purposes. Thus a rise in oil prices is transmitted through these conduits to push inflation...Read More


Trinidad & Tobago Update & Outlook- January 4 2018



The economic condition in Trinidad and Tobago remains fluid with the risk of growth tilted toward the downside. The general outlook is that inflation will rise over the medium-term, but should remain relatively subdued in part due to low fiscal spending and slow upward adjustments in household income. Depreciatory pressures in the foreign currency market are likely to persist throughout 2018 if the authority maintains its current stance. It is our opinion however that at some point in the near future the Central Bank of Trinidad and Tobago (CBTT) will commence the cycle of rate increase, not necessarily on the accord of domestic economic factors, but rather to match the rate rise in the US to mitigate the risk of capital flight...Read More



Offer Circular by CWC CALA Holdings Limited for Ordinary Shares in Cable & Wireless Jamaica Limited



CWC Cala (CWC Cala) Holdings and its affiliates, are currently the majority shareholders of ordinary shares in Cable & Wireless Jamaica (82%). They are making a voluntarily offer for the outstanding minority ordinary shares in CWJ. Persons who currently own shares in CWJ can voluntarily sell their shares to CWC Cala. Payments for shares will occur within 21 days after the offer has closed.

Offer Circular

Form of Acceptance


Victoria Mutual Investment Limited IPO Analysis & Recommendation



Incorporated in 1984 and domiciled in Jamaica, Victoria Mutual Investments Limited (VMIL) is a wholly-owned subsidiary of The Victoria Mutual Building Society. VMIL is the parent company and sole owner of Victoria Mutual Wealth Management Limited (VM Wealth). Driven by an objective to provide competitive credit financing solutions for clients, VMIL’s primary offerings include margin loans and corporate loans. VM-Wealth is a licensed securities dealer offering investment brokering, investment advisory services and securities dealing services to its clients.

In order to provide working capital support to its operations, and to allow the Company to take advantage of new business opportunities, the Company is seeking to raise J$689,261,487.50 by inviting subscriptions for up to 300,005,000 newly issued Ordinary Shares...Read more 



GWest Coporation Limited Valuation and Recommendation 



GWest Corporation Limited (GWest) is a limited liability company which is incorporated in Jamaica. Its main activities are to undertake the development of commercial and residential properties and the management of health care facilities (namely; GWest centre). The GWEST Centre will provide a full range of services to complement such medical specialties as internal medicine and subspecialties, general surgery, cardiology, oncology, neurosurgery, orthopaedics, gynaecology, and mental health services. The company which was incorporated on December 3, 2007 has completed its major project of development of a medical and dental complex on lands at Fairview, Montego Bay and began trading in the current year. The registered office of the company is 34 Market Street, Montego Bay.....Read more 


Wisynco's IPO Valuation and Recommendation 



Wisynco Group Limited in its current form was established in 2005 as an amalgamation of several, multi-generational family business created by the four Mahfood brothers: Ferdinand, Sam (Jnr.), Joe and Robin; the first of which was established in 1965.  The current iteration is a well-known manufacturer and distributor of beverages, food and packaging products in Jamaica. Wisynco is aiming to raise $6.1B through the sale of 784,500,000 shares with $1.2B representing new capital while the remaining $4.9B represents proceeds to be remitted to the Selling Shareholder....Read more 



Venezuela Update - November 2017



Venezuelan President Maduro has announced on state television that after the payment of the maturing 2017’s on November 2nd, the country will enter into negotiations with creditors to restructure its outstanding debts. Sanctions imposed by the US have been blamed for the restructuring with the President noting that it has become increasingly difficult to negotiate the treacherous debt waters given the new paradigm. Recall that on August 24, 2017, US President Donald Trump issued an executive order banning US trade in new bonds issued by the government of Venezuela including its state-run oil company, PDVSA...Read more 


Barbados - November 2017



High debt (109% of GDP), persistent fiscal deficits above 5% of GDP since 2012, net negative international reserves and a climbing interest burden have placed pressure on the fixed exchange rate-peg leading to the latest local currency rating downgrade (September 27, 2017 by S&P). The government has also continued to face difficulties turning around fiscal policy given scheduled parliamentary elections in 2018.....Read more 



TV Azteca - Prepayment of The 7.625% Bond Due 2020 - October 2017


Further to our previous communication of August 31, 2017, TV Azteca has announced that they will be executing a full principal prepayment on its 2020 bond on October 30, 2017…Read more 


JBS S.A. Brazil - October 2017



JBS S.A is the largest meat processing company (by sales volume) in the world. The company sells beef, chicken and pork as well as its bi-products. JBS is headquartered in Sao Paulo, Brazil but has approximately 150 industrial plants around the world. The company’s vast presence worldwide  and its access to different markets ensure a healthy and diverse supply of foreign exchange from global sources. Consequently translation gains and diversity ensures a hedge against downturns in different markets. The company has a presence in the US, UK, France, Holland and Ireland just to mention a few.

Over the last two years however, JBS S.A. has had to deal with 1) the downturn in economic activity in Brazil; 2) the recent ban on beef exports from Brazil; and 3) allegations of corruption and penalties imposed by the authorities. In recent times debt levels...Read more 



Jamaica - October 2017



Jamaica’s debt-to-GDP ratio is expected to fall precipitously by end-FY2017/18 due in part to a change in the definition of debt which eliminates cross-holdings of securities by some public bodies. The debt ratio will continue to fall towards the targeted ratios at end-March 2020 and 2025, but may deviate because of non-realization of the growth rates envisaged  by the authorities. It is expected that....Read more 


Cayman Islands - September 2017



The Cayman Islands have a solid governance framework and low tax rate which contributes to the attractiveness of the sovereign as an offshore financial centre. However, the sector has come under intense scrutiny by G-20 countries and its share of GDP has contracted in recent years. However, real economic growth averages around 2% per annum over the last four years and is expected to maintain the same momentum into the medium-term due to increased activities in the tourism sector. Output in the sector is being buoyed by modest economic growth and positive job market conditions in the US which are driving tourism demand in the Cayman Islands...Read more 



Bahamas - September 2017



The sovereign is facing headwinds in the off-shore financial sector due to legislative changes in G-20 countries to clamp down on tax evasion.

The competitiveness of the Bahamas as an off shore jurisdiction is waning and therefore the government is relying on the tourism sector as

the main conduit to fuel real sector growth. The high dependency of the economy on one sector makes it extremely vulnerable to external

shocks...Read more 



Aruba - September 2017



Like a number of other Caribbean territories, Aruba’s economy is dependent on tourism which accounts for well over 50% of gross domestic product (GDP). Of the over 1.5 million visitors which visited the island in 2016, a little over 60% were from the United Stated (US). In 2014 tourist arrivals from Venezuela accounted for over 20% of total visitor arrivals, but have since fallen to below 10%. The narrow economic base and dependence on the US and Venezuela to a lesser extent makes the sovereign very vulnerable to shocks in both economies. At this moment, the balance of risk is tilted towards the upside in respect to the tourism industry over the medium-term. On the one hand, robust economic growth, positive labour market developments and growing household income in the US have led to continued strong demand for leisure activities. Consequently, year-on-year growth in tourism of at least 3% from that market is expected over the forecast horizon. While overall growth is expected, on the other hand, it is likely to be tempered by decreased visitors’ arrival from Venezuela resulting from the economic challenges that the sovereign has been grappling with over the last 3 years with no end in sight....Read more 


NCB Financial Group Limited - September 2017



Net earnings for the 6-months ended June 2017 was $14.72B, representing a 48.1% increase relative to a year ago. Net interest income grew by 5.5% from $21.04B to $22.19B on account of growth in the loan portfolio and a decline in funding costs. Meanwhile, non-interest income increased by 29.3% to $22.02B from $17.03B generated in the previous year. This outturn in non-interest income emanated from gains on foreign currency and investment activities and improvements net of fee and commission income. The movement in net fee and commission income emanated from growth in unit trust portfolios and increases in pension management fees. As a result, earnings-per-share (EPS) amounted to $5.97 compared to $4.03 for the same period last year...Read more 


Radio Jamaica Limited (RJR) - September 2017



RJR generated a net profit of $145.23M for the 2016/17 financial year, a $370.03M increase on the net loss of $224.8M reported for the previous year. This performance was driven by the amalgamation of the RJR group to the GCML, which contributed $95M to net profit, and an improvement in the preamalgamated RJR Group profits on higher revenues and lower operating costs...Read more 


Berger Paints Jamaica Limited - September 2017



Despite the negative impact of local cement shortages and adverse weather conditions on net sales, Berger was still able to put in a creditable performance for the June-2017 quarter when compared to the comparable period in 2016. A 10.2% decrease in net sales was offset by a continued focus on efficiency both in administration and operations to yield a 10.6% increase in net profits...Read more 


Venezuela Update - September 2017


On August 24, 2017, US President Donald Trump issued an executive order banning US trade in new bonds issued by the government of Venezuela, including its state-run oil company, PDVSA. The move is expected to place additional pressure on Venezuela’s cash strapped government by restricting access to vital US capital markets. Effectively Venezuela is being prevented from issuing new bonds.…Read more 


TV Azteca - Prepayment of The 7.625% Bond Due 2020 - August 18 2017


Further to our previous communication of July 13, 2017, TV Azteca, on August 18 announced that they will be executing a partial principal prepayment on its 2020 bond…Read more 


Puerto Rico Update - August 18 2017


On May 30-2017, the US District Court for the District of Puerto Rico ordered that all future payments of principal and interest on debt be suspended. The Court ordered that all outstanding payments be held, where funds are available, in their existing accounts until a final order is made by the Court directing the time and manner (principal, interest and nature of likely haircuts) of final post default payments. It is yet to be determined whether these post default payments will be in the form of principal, interest, and or possible haircuts.… Read more 


Dolphin Cove - Analysis & Recommendation - August 9 2017


Incorporated and domiciled in Jamaica, Revenue from Dolphin Attractions is the primary revenue generating activity and  involves the sale of dolphin, stingray and shark interaction programmes. The Group’s sales also include revenue from “Ancillary Services” which includes the sale of souvenirs, photographs, food and beverages and the use of its beach cabanas and tours such as kayaks, boat, and the Yaa man park opened in 2017. The company continues to earn most of its income in United States dollars… Read more 


Government Global Bond Repurchase Offer – August 2017


The Government of Jamaica has announced a tender offer to repurchase for cash the following global bonds:-
• 2019 – 8.00%,
• 2021 – 8.50%,
• 2022 – 11.625%
• 2025 – 9.25%… Read more 


Tv Azteca – Prepayment of The 7.50% Bond Due 2018



Further to our previous communication of July 13, 2017, on July 14th TV Azteca executed a partial principal prepayment on its 2018 bond...Read more 


TV Azteca – July 2017



The company reported an improvement in operating performance for 2016 after sales outgrew increases in total costs & expenses. However despite this increase net losses increased by 20% due to the booking of an impairment of the Colombian telecommunications investment. The result is that shareholder’s equity declined by 27%… Read more 



Costa Rica “Congress’ Inability to Reach Consensus Hurting Credit Quality” – May 2017



The beginning of 2017 saw Costa Rica experience two one notch downgrades from two of the top three international rating agencies. One downgrade came from FITCH, from “BB+/negative” to “BB/Stable” and the other from Moody’s, from “Ba1” to “Ba2” with the negative outlook maintained. Standard & Poor’s (S&P) has not adjusted its rating or outlook on Costa Rica so far in 2017… Read more 


Bantrab Senior Trust Update – May 2017



Bantrab is a bank created under the banking laws of the sovereign state of Guatemala. The Bantrab Senior Trust notes are secured by the Trust. Payment of principal and interest on the notes will be absolutely, unconditionally, and irrevocably guaranteed by Bantrab. However, if the bank fails to make payments, investors will have to sue the Trust itself to recover amounts owing… Read more 


Barbados Update – April 2017



This piece will attempt to provide a synopsis of the challenges as well as provide an update on any recent information thatmay be of interest to investors…Read more 


Trinidad & Tobago Downgraded to BBB+/Stable-April-21-2017



The downgrade by S&P does not come as a surprise as the previous rating of “A-“ had a negative outlook.The negative outlook indicates that there was a 33.33% chance of a downgrade over the next 12 months if the external position were to deteriorate further. The debt ratios have been deteriorating and economic growth has been a challenge. Nonetheless Trinidad remains a relatively strong sovereign with good fundamentals and high external liquidity.

The recent upward movement in oil prices above US$50 per barrel is a good sign. The Heritage and Stabilization Fund does allow the sovereign to run counter-cyclical fiscal policies and while debt has risen sharply, the projection is for the ratio to decline going forward. Net International Reserves (NIR) are above US$9 billion and the interest coverage ratio, though climbing above 10% in recent times, is projected to decline and remains relatively manageable.

We remain confident in the T&T authorities and believe that it is a matter of implementation of policies, upgrade of of hydrocarbon facilities, some diversification of the economy and increasing the attractiveness of drilling tenders tore turn the sovereign over time to its more lofty “A” rated position.

Note also that while there has been a downgrade, Trinidad remains firmly in the investment grade category. Read more 


Venezuela Update – April 2017



We maintain our sell recommendation on Venezuela, as we believe that the underlying fundamentals have not shown significant improvement. The sovereign’s ability to service its debt remains under severe strain because of continued hyper-inflation, economic contraction and ongoing political tensions…Read more 


Grupo Unicomer Co. Ltd- Analysis & Recommendation- March 24, 2017


Company Background

Grupo Unicomer Co. Ltd. (GU) is a leading retailer of durable consumer goods such as home appliances, consumer electronics, furniture, motorcycles, mobile devices, computer equipment and optical wear in its Latin American and Caribbean markets. Grupo Unicomer is owned 50% by Infotech of the Caribbean and Central Corp. (which is 100% controlled by Milady Associates Ltd.) and 50% by Gromeron, SLU (which is 100% controlled by El Puerto de Liverpool S.A.B. de C.V.). The company’s current structure was achieved through four large-scale acquisitions, in addition to organic expansion, throughout its 17 year history. The Group runs an integrated business model which includes sales of goods, consumer finance, extended warranties, credit protection insurance and post-sale repair services. The Group has achieved a market share of 20% or…Read more 


Jamaica Taxation and Financing the Budget: FY 2017/18


Minister of Finance and the Public Service Audley Shaw opened the budget debate for the new fiscal administrative year on March 10, 2017 and announced revenue measures amounting to approximately $29 billion (1.7% of GDP) to help finance budgeted expenditure of $715.6 billion. Based on the measures announced, $19.0 billion represents new taxes on corporates and individuals. Of the $19 billion to be collected, $13.5 billion is to go to central government while the remaining amount is to go to the Municipal Councils. The remaining portion of $11.4 billion will be drawn from the National Housing Trust (NHT)...Read more 


Honduras’ Update – March 2017


Company Background

Honduras’ economy expanded by 3.6% in 2016, which was in line with the growth registered in the previous year. Economic growth was influenced by private consumption due to rising remittances from the United States (U.S.) and low oil import bills. The economy also benefited from measures implemented in accordance with the IMF program, such as tax administration reforms and expenditure limits. These adjustments were in a bid to improve economic performance and enhance its public finances. The growth performance was supported by increased public infrastructure investment and an accommodative monetary policy stance (see Figure1). The outturn in 2017 is expected to remain on this trend following continued recovery in U.S…Read more 


Trinidad and Tobago Update – March 2017


Company Background

Sharp reductions in hydrocarbon prices since 2014 and supply side challenges in the petroleum sector are having a negative impact on the domestic economy. Consequently real output contracted in 2014 and 2015 by 1.2% cumulatively and is expected to fall by 4.5% in 2016. Data from Q2:16 indicate that real output fell for the period year-on-year by 8% due to reductions in output in the Petroleum and Non-Petroleum sector of 12.6% and 5.4%, respectively. All the major subsectors experienced declines in output with the exception of Agriculture where output increased by 2%...Read more 


Guyana Research Update – March 2017


Synopsis of the Sovereign


  • Large untapped quantity of mineral oil deposits, which has the potential to attract increased foreign investments, accelerate economic growth and advance infrastructure development.
  • Strong ties with the multilaterals that provide financial and technical assistance to help engender the structural adjustments required to diversify the economy and drive higher levels of economic growth, as well as macroeconomic and fiscal sustainability.


  • Narrow economic base that is highly dependent on primary production – mining and agriculture.
  • Frontier economy with a small population and limited access to modern technology. 
  • Growing and sustained tension between the two main ethnic groups that has spilled over into the political arena resulting in polarization between the two main political parties demarcated along ethnic lines…Read more 


The Bank of Jamaica – February 2017


Research Update

The Bank of Jamaica (BOJ) monitors the performance of deposit taking institutions as a part of its mandate to maintain stability in the domestic financial system. One of the tools that the BOJ uses to achieve this is a requirement for financial institutions to maintain certain ratios which the central bank has the power to do by law. From time to time and as the economic fundamentals allow, the BOJ adjusts these requirements to send a signal to the market…Read more 


Supreme Ventures Limited – February 2017


Company Background

Supreme Ventures is a leading lottery and gaming provider in the Caribbean, with a diverse portfolio of lottery products. 
SVL’s strategic objective is to be the leading provider of innovative and compelling gaming and lottery content through current and emerging mediums. The Company focuses on utilizing the technology of its platforms and extensive retailer network to provide non-lottery commercial services to the market. SVL’s business segments include Lottery – which includes the Top Draw, Money Time, Pick 3, Cash Pot, Lotto and Super Lotto Games; Sports Betting – which includes the JustBet brand that offers wagers on international sporting events; Gaming and hospitality – which offers Video Lottery Terminal (VLT) games at gaming lounges and food and beverage operations; Pin Codes – which sell phone pin codes through the agent’s network; and Other – which covers all other income…Read more 


Jamaica Producers Group Limited – February 2017


Company Background

Jamaica Producers Group Limited (JP), formerly the Jamaica Banana Producers Association Limited, is a wholly Jamaican-owned company listed on the Jamaica Stock Exchange. The Group was incorporated on April 1, 1929, as a direct descendant of the Jamaica Producers Association formed in 1925, under which separate co-operatives – one for the marketing of each agricultural product – were set up. The company was formed with the objective of protecting the co-operative and the local banana industry from failure due to fierce competition from the large foreign-owned fruit companies in the shipping and marketing of Jamaican bananas.

The business has grown, diversifying into shipping, food and juice manufacturing, and moving up the value chain to provide processed foods like smoothies, banana chips, rum cakes and juices, in addition to branching out into other agricultural products such as pineapples…Read more 


Derrimon Trading Company Limited – February 2017


Company Background

Derrimon Trading Company Limited (DTL) is a private company limited by shares, incorporated and domiciled in Jamaica. Its registered office is located at 233 and 235 Marcus Garvey Drive, Kingston 11. The principal activity of the DTCL is the distribution of bulk household food items inclusive of meat products. DTL also distributes branded products on behalf of a major global corporation.

In 2009, DTL purchased the assets of a wholesale distribution company and continued to operate from its original location at 
33 Marcus Garvey Drive, Kingston 11. DTL maintained the entity’s trading name, Sampars Cash & Carry. ...Read more 


Puerto Rico Elects New Governor – February 2017




The people of Puerto Rico have elected a new governor. His name is Ricardo Rossello; he graduated from Massachusetts Institue of Technology (MIT), with a first degree in biomedical engineering and economics, he also completed a Ph.D in biomedical engineering at the University of Michigan. He is a former college professor and son of former governor of Puerto Rico, Pedro Rossello. He was sworn in on the January 2, 2017. The new governor pledged, during his election campaign, to work with bondholders, to abide by the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) and to support the members of the Financial Control Board (FCB) to restore Puerto Rico’s battered financial credibility…Read more 


JBS Summary – February 2017


Company Overview

JBS S.A., formerly Friboi Ltda, is a Brazil-based company involved in the food processing sector. The Company is primarily engaged in animal slaughtering, the cold storage of beef, the production and sale of meat, meat by-products and canned food. JBS S.A. divides its food processing business into three segments: Cattle Meat, Pork Meat and Chicken Meat. In addition, the Company and its subsidiaries are involved in the leather tanning; aluminium cans production, industrial waste management and plastic resin manufacturing; bar soap and soap production for its own brands of cleaning and hygiene products; production of biodiesel, glycerine and fatty acid; retail sale of meat and barbecue related items; production and distribution of electric power, among others…Read more 


Digicel Group Limited Summary – February 2017


Company Overview

Digicel is a leading provider of communications services in the Caribbean and South Pacific regions. The Company provides a range of mobile communications, Business Solutions, Cable TV & Broadband and other related products and services to retail, corporate (including small and medium-sized enterprises) and government customers. Digicel currently provides mobile communications services to 13.6 million subscribers in 31 markets with an aggregate population of approximately 32 million people. They offer HSPA+ or long-term evolution (“LTE”) mobile technology in 30 markets and hold the number one mobile market position in 21 markets, with a mobile subscriber market share of more than 50% in 20 markets as determined by internal Company data. Digicel launched mobile services in Jamaica, its first market, in 2001 and became the market leader there within 15 months of launch, based on a strategy that Digicel has since replicated successfully across many of its markets…Read more 


Caribbean Producers Limited Summary – January 2017


Company Background

Caribbean Producers (Jamaica) Limited (CPJ) began operating in 1996 and is a leading food, beverage and non-food distributor in Jamaica and the wider Caribbean servicing the hospitality and retail industries. CPJ’s customers in the hospitality industry include large hotel chains, hotels, restaurants and bars while its retail customers are large supermarket chains, superstores, independent wholesalers, supermarkets and small retail outlets…Read more 





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