Identifies priorities for its new 2022-2023 financial year now in progress

MFS Capital Partners Limited, formerly SSL Venture Capital Limited, is closing in on the completion of its first two new strategic acquisitions.

MFS Capital, which acquired controlling interest in SSL Venture Capital in May this year has identified outlined its priorities for the new 2022-2023 financial year, says it is executing MOUs to complete the two acquisitions. This, is in addition to refining the business model and establishing the newly formed company, as one of the premier private equity outfits in the Caribbean and strengthening the company’s balance sheet and positioning the team to take advantage of opportunities in the local and regional markets.

Also, MFS Capital is strengthening its corporate governance framework and adopting the highest standard of risk management. These priorities are to be done during the current the first quarter of the 2022-2023 financial year, now in progress.

For the 12 months ended June 30, 2022, SSL Venture Capital, now MFS Capital, recorded after-tax profits of $14.7 million. These profits recorded resulted from the write off of additional external payables.

Revenue and expenses for 2021-2022

Revenue for the 12 months was nil when compared to $19.6 million for the prior year. The revenues earned in the prior period related to Bar Central Limited (BCL) only, which was shuttered in December 2020. For the same period administrative and operational expenses were $42.9 million in addition to the finance related costs of $1.1 million, bringing overall expenses to $43 million.

The expenses incurred relate to the operating costs for the SSL Venture Capital’s head office and BCL obligations. Total assets stood at $12.5 million for the quarter ending June 30, 2022 with total liabilities at $65.1 million and shareholders’ equity at a negative $52.6 million.

Profit per stock unit for the 12 months was $0.03 per share. In its outlook for the year the management reports that it currently have a pipeline of targeted acquisitions that should result in attractive and sustainable long-term growth for the company and for shareholder value.