Business
SLU | Jul 5, 2022

Proven announces organisational changes

/ Our Today

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(Photo: Facebook @WeAreProven)

Durrant Pate/Contributor

Jamaican-based investment and private equity company Proven Investments has announced a set of organisational changes including a new name change.

The changes were approved at a board meeting of the directors of Proven Investments Limited held on Friday, June 24. The changes were outlined in four resolutions, which were ratified by the meeting.

The resolutions were as follows:

• That the name of the company be changed from ‘PROVEN Investments Limited’ to ‘PROVEN Group Limited’.
• That upon the change of name of the company, a new international business company be formed in St Lucia under the name ‘PROVEN Investments Holdings Limited’.
• Subject to the approval of the Financial Services Regulatory Authority in St Lucia, that the name of ‘BOSLIL Bank Limited’, which is majority owned by the company, be changed to ‘PROVEN Bank (St. Lucia) Limited’.
• Subject to the approval of the regulators in St Lucia, that the wholly owned subsidiary of the company ‘REAL Properties Limited’ be changed to ‘PROVEN Properties Limited’.

At the same board meeting, it was decided not to declare a dividend for the quarter, which the directors say, “reflects prudent liquidity management to better position Proven Investments Limited to respond to market opportunities as they arise.”

Our Today reported last week that Proven Investments Limited delivered a commendable performance for its fiscal year ended March 31, 2022, with interest income going up by 19 per cent to US$12.64 million. This compared to the US$10.58 million reported for the same period in 2021.

Interest expense for the year amounted to US$7.56 million, marginally up from the US$7.55 million reported in 2021. As such, net interest income for the year increased by 67 per cent to total US$5.08 million relative to the US$3.04 million reported for the previous year.

Net profit amounted to US$15.48 million, an 18 per cent increase when compared to the US$13.10 million in 2021. Proven booked profit for the fourth quarter of US$3.12 million compared to US$5.31 million recorded for the comparable quarter in 2021.

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