Dolphin Cove control sale disclosed as PriceSmart outlines Jamaica expansion

Dolphin Cove has advised the Jamaica Stock Exchange that its majority shareholder has agreed to sell its holding in the company, in a transaction that would trigger a mandatory offer to minority shareholders. The disclosure formed part of a July 15 business update that also highlighted PriceSmart Jamaica's expansion plans, stock market activity and foreign exchange trading conditions.

According to Dolphin Cove, World of Dolphins Incorporated has signed a share purchase agreement to sell 313.9 million shares, representing about 80 per cent of the company, to St. Lucia-incorporated Global Attractions. The company said that once the deal is completed, the incoming owner must satisfy Jamaica Stock Exchange requirements and securities rules that apply to a change in control. Under takeover rules, Global Attractions would then have 30 days after gaining control to make an offer for the shares still held by other investors.

PriceSmart Jamaica, meanwhile, is preparing to open two additional clubs, one in Montego Bay and the other on South Camp Road in Kingston. The company is also planning a new distribution centre in Jamaica during the 2026 financial year as it seeks to bolster its regional logistics network.

For the quarter ended May 31, PriceSmart Global Operations reported total revenue of US$1.48 billion, up 12.5 per cent from the corresponding period last year. Net merchandise sales also rose 12.5 per cent to US$1.45 billion. Sales at clubs that had been open for more than 13 and a half months increased 10.7 per cent. For the first nine months of the financial year, the company reported revenue of US$4.36 billion and net income of US$128.9 million.

On the Jamaica Stock Exchange for July 13, 2026, the heaviest trading was in JMMB Group Limited 9.5% with 18,512,910 units, or 33.01 per cent of market activity. TransJamaican Highway Limited followed with 13,317,334 units, equal to 23.74 per cent, and Derrimon Trading Company Limited traded 6,486,210 units, representing 11.56 per cent.

Bank of Jamaica data up to July 14, 2026 showed the US dollar selling for $159.14 and buying for $157.72. The Canadian dollar sold for $113.52 and bought for $112.12, while the British pound sold for $215.87 and bought for $207.17. The report also noted growing use of artificial intelligence by lenders, investors and grant providers to assess risk, review applications and speed up due diligence for funding decisions.