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JAMAICA | Proven acquires a 20.1% stake in JMMB

President and CEO of Proven Management, Christopher Williams President and CEO of Proven Management, Christopher Williams
KINGSTON,  Jamaica December 31, 2018 - Proven Investments Limited is now the largest shareholder in the JMMB Group Limited having acquired a 20.01 per cent shareholding in that company.

In announcing  the transaction in a news release Friday, Proven said "the purpose of the acquisition is to generate dividend income, and to ensure that JMMB Group Ltd can be characterised as an associated company of Proven Investments Limited."

The investment company, which is listed on the Jamaica Stock Exchange (JSE) and incorporated in St Lucia, acquired 326.3 million shares in JMMB at $28.25 each from NCB Financial Group, a transaction valued at over $9 billion.

The 'associated company' status is applied to holdings of more than 20 per cent but less than 50 per cent.

Proven added that the investment in JMMB fits its "risk to reward objectives and aligns with Proven's core investment strategy; which seeks opportunities to invest in key growth sectors primarily the financial services sector."

President and CEO of Proven Management Limited,Christopher Williams, in his response to the share acquisition, said: “Proven remains highly optimistic and focused on our goals to identify and explore the opportunities throughout the region. We look forward to having JMMB, an iconic Caribbean brand with tremendous growth potential, as an associated company. As is customary in all our investment, we look for strategic congruence that bodes well for our stakeholders’ interest.” Proven Management Limited is the management company for Proven Investment Limited,

With eight years of operation, Proven Investments Limited main investment strategies are in private equity; tradeable securities and real estate. Currently its diversified private equity holdings are Proven Wealth Limited; Proven Fund Management Limited; Access Financial Services; BOSLIL Bank Limited; Proven REIT and International Financial Planning Limited (IFP).

  • Countries: Jamaica

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