Proven Investments has disclosed that it is buying the Cayman subsidiary of Fidelity Bank & Trust International Limited, a company incorporated in the Commonwealth of The Bahamas.

Proven has advised that on March 16, 2021, it entered into a share purchase agreement to acquire the entire issued share capital of Fidelity Bank (Cayman) Limited conditional on receiving approval by the Cayman Islands Monetary Authority.

In a statement released to the Jamaica Stock Exchange (JSE), where its shares are traded, Proven advised the equities regulator that, “the purchase price for the Shares will be determined in accordance with the terms of the aforementioned Share Purchase Agreement.”

June 30 deadline for the sale to be effected

The statement added that, “It is proposed that completion (as defined in the Share Purchase Agreement) will take place before 5:00 pm on the last business day of the month subsequent to the month in which all conditions (as defined in the Share Purchase Agreement) have been satisfied, provided that the conditions have been satisfied on or before June 30, 2021 (or such other extended longstop date as provided for by the terms of the  Share Purchase Agreement).”

Fidelity Bank (Cayman) Limited is a financial services company incorporated in the Cayman Islands and is licensed with the Cayman Islands Monetary Authority under the Bank and Trust Companies Act as a Category A Bank to carry on banking business in the Cayman Islands.

According to Proven, “The proposed acquisition of the Shares is aligned with [PROVEN’s] strategy of regional growth through acquisitions in the regulated sector throughout the Caribbean and Latin American regions, with a view to increasing value to its shareholders.” If the sale goes through this would bring to two the number of Caribbean acquisition by Proven since the start of the year.

Proven acquisition of Roberts Manufacturing in Barbados

Two months ago Proven announced that it has entered into an agreement with Massy Properties (Barbados) Ltd., a company within the Massy Group to purchase its 50.5 per cent interest in Roberts Manufacturing Co. Limited. Roberts is a leading manufacturer of animal nutrition, edible fats and oils in Barbados supplying diversified consumer goods to markets in the Caribbean, Central America, and the United States.

Over the past decade, Proven said its mission has been to pioneer as a Caribbean-focused private equity and real estate investment company; providing strong returns to its stakeholders. “The acquisition of interest in Roberts increases PROVEN’s footprint in the real sector,” Proven said in a statement.

Christopher Williams, co-founder and CEO, PROVEN Management Limited, the investment managers for Proven Investments Limited said, “This purchase demonstrates our bullishness on the economic outlook, and tangibly allows us to participate more in the real sector which is poised for tremendous growth on the aftermath of the global pandemic that has heightened the demand on consumer goods and services.”

Completion of the transaction is subject to regulatory approval.