COMPANIES should focus more on seeking capital rather than loans to grow their businesses, according to Christopher Williams, president of Proven Management Limited.
Financial services outfit, Proven Investments Limited, will spend up to US$12 million (J$1.08 billion) to acquire three regional financial entities in the short term.
It will finance the acquisitions with equity and debt to be raised in part from a bond placement planned for next month. The placement is expected to raise between J$750 million and J$1 billion.
“Currently, we are working on three additional private equity transactions representing approximately US$12 million of investment,” said Proven Chief Executive Officer Christopher Williams.
Two top partners of Proven Investments Limited, who have been assigned Cabinet positions in the new Government, have resigned as members of the management committee, and given up their seats on the board of subsidiary Proven Wealth Limited. Peter Bunting and Mark Golding, who are both politically aligned to the People’s National Party, resigned from Proven on January 6, the…