JSE suspends Derrimon shares as FosRich outlines loss recovery plan

The Jamaica Stock Exchange has halted trading in Derrimon Trading Limited’s junior market shares after the company missed the filing deadline for its 2025 audited financial statements. The exchange said the action was taken under junior market rules because the accounts became 92 days late on June 2.

Derrimon said matters raised during the audit still need additional review and validation before the statements can be completed. Its board said shareholders should receive financial information that is full, dependable and properly assessed before the audited results are issued.

FosRich is also under pressure after founder and chief executive officer Cecil Foster reported a first-quarter net loss of $178.8 million for the period ended March 31, 2026. That was 170 per cent worse than the $68.6 million loss recorded a year earlier. Loss per share moved from one cent to four cents.

The company’s recovery programme includes selling and leasing back real estate to reduce loans and free up cash for inventory. It also plans to open the Maline’s Superstore by the end of the third quarter, cut slow-moving stock, keep closer watch on administrative spending and build vertical integration partnerships with property developers to lift demand for FosRich products and services.

For June 4 trading, Caribbean Cement Company Limited led activity with 22,064,566 units, or 53.13 per cent of market sales. TransJamaican Highway Limited followed with 5,810,982 units, while Wigton Windfarm Limited traded 2,333,339 units. Market interest remained centred on transportation, distribution and solar energy-linked assets.

Bank of Jamaica foreign exchange data for June 4 showed active demand across major currencies. The US dollar sold at $156.97 and was bought at $158.38. The Canadian dollar sold at $116.77 and was bought at $110.04, while the pound sterling sold at $212.30 and was bought at $211.65.

Small business operators were encouraged to spend the next 90 days building a wider credit network before financing becomes urgent. The advice was to develop relationships with banks, credit unions, microfinance firms, development agencies, government programmes, investors and supplier-credit providers so businesses become credible and finance-ready before they need capital.