Durrant Pate/ Contributor

MFS Capital Partners acquisition of Micro-Financing Solutions, a known player in the local money services space, is to be completed this September quarter.

This will be the first acquisition completed under the current leadership team of MFS Capital Partners, which in June this year contracted principal of KCLH Full Business Solutions, Dr Kesha Christie, to occupy the role of chief financial officer at MFS Capital Partners Limited.

Micro-Financing Solutions had bought SSL Venture Capital in March 2022 for J$37.9 million. Despite the delay in completing the acquisition of Micro-Financing Solutions Limited, MFS Capital Partners acquisition expects to see faster and robust growth after the transaction is finalised during this current September quarter.

Micro-Financing Solutions, which owns a 30 per cent stake in a licensed securities dealer regulated by Financial Services Commission (FSC) and also owns and operates a cambio regulated by the Bank of Jamaica (BOJ), is looking to expand across Jamaica over the next 18 months.

MFS Capital Partners is looking forward to finalising this 100 per cent share-purchase agreement in the short term, then shifting focus to the other prospective acquisitions in the pipeline.

MFS Capital Partners 12-month results

During the 12 months ending June 30, MFS Capital Partners recorded net profit of J$9.5 million, resulting from receivables financing revenue line, consulting and financial advisory services and other income relating to write off of payables. Revenues amounted to $16.3 million, as MFS Capital Partners continues to make strides in receivables financing transactions and advisory services.

Expenses for the year closed on J$21.6 million. Total assets stood at J$65.5 million for the year ending June 2023 with total liabilities at $65 million.

Profit per stock unit for the 12 months was $0.023 per share.