JSE suspends Portland JSX shares as audited accounts become 91 days overdue

The Jamaica Stock Exchange (JSE) has suspended trading in the shares of investment company Portland JSX Ltd (PJX) after it failed to submit its audited financial statements for the year ended February 2026 within the prescribed deadline.

“The company’s audited financial statements, due April 2026, became 91 days overdue on July 2026,” the JSE said in a notice announcing the suspension. Trading in the company’s shares will remain suspended pending submission of the outstanding audited accounts.

The latest financial statements available to investors show shareholders’ equity continued to decline amid consecutive periods of losses related to wider capital market instability.

At November 2025, PJX reported shareholders’ equity of US$16.1 million, down from US$19.8 million at February 2025. Total assets stood at US$21 million.

The company recorded a loss of US$3.7 million during the nine months ended November 2025, following a US$756,000 loss a year earlier.

Its largest asset remained its investment in Portland Caribbean Fund II (PCF II), valued at US$15.4 million at November 2025, down from US$18.5 million at the start of the financial year. The investment accounted for roughly three-quarters of the company’s asset base.

PJX, which provides investors with exposure to private-equity investments across the Caribbean and Latin America, said in its latest annual report that it was transitioning from a fund-based investment model and intended to focus on direct investments. As PCF II has concluded its 10-year life-cycle and continues to look to exit positions in the fund to convert to cash for new investments.

Management said the most significant valuation changes within the underlying portfolio came from Productive Business Solutions, Merqueo Holdings and Diverze Assets Inc.

Despite the losses, PJX reported cash and cash equivalents of US$3.6 million at November 30, 2025.

carolyn.guniss@rjrgleaner.com