Proven paid US$18.6 million or J$2.05 billion for FGFS a note in the company’s latest audited report stated. In April Grace Kennedy stated in a release to the stock exchange that the transaction is valued at $3.05 billion but excludes the seat on the Jamaican Stock exchange which the Grace group will keep.
Grace Kennedy advised the stock exchange of the finalization of divestment of the shares held by subsidiary, First Global Holdings Limited in First Global Financial Services Limited (FGFS) to Proven Investments Limited effective May 30, 2014. Proven has changed of name of the company to PWL Transition Ltd. Proven have also indicated to the public that the name has been changed to and closed the former FGFS offices at Duke Street in Kingston, Ward Street in Mandeville and Bogue in Montego Bay relocating the operations to existing Proven offices in those locations.
Proven made profit of US$3.78 million for the year to March 2014 compared with US$4.2 million in 2013 from lower revenues of US$13.2 versus US$14.4 million.
Proven closes FGFS deal at $2B
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[…] year. A payment of 16 cents per share was made on December 18, last year. The Board of Directors of Proven Investments will to consider making a dividend payments to both its ordinary and preference shareholders at a […]
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[…] comes on the heels of Grace finalising the divestment of a part of its financial arm, to Proven Investments for US$18.6 million or J$2.05 billion for First Global Financial […]
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