Proven To Spend US$12m On Three Acquisitions

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.

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PROVEN Shares Go Public

PROVEN Investments Limited is seeking to raise J$1 billion by offering for subscription 200,000,000 cumulative redeemable preference shares at a subscription price of J$5.00 per share. Dividends will be paid quarterly at 8%. More about PROVEN On July 14, 2011, PIL became the first company to list ordinary shares on the Jamaica Stock Exchange denominated in United States dollars Proven…

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