Saint Lucia-based public investment firm Proven Investments Ltd has acquired a 20.01 percent stake in Jamaican financial services company JMMB Group Limited.
Proven Investments purchased 326.3 million shares in JMMB at $28.25 each from Jamaica-based financial services to investment company NCB Financial Group, valued at over $9 billion.
With this acquisition, Proven will generate dividend income and ensure that JMMB Group Ltd. can be its associated company.
Proven said that the deal is in line with its core investment strategy, which seeks opportunities to invest in key growth sectors, primarily the financial services sector.