Durrant Pate/Contributor

Arising from its acquisition of equity interest in micro-lender Dolla Financial Services, Supreme Ventures Limited (SVL) and Mayberry Investments have each secured a seat on the board.

As a result, the composition of the board of Dolla has changed, with Xesus Johnston and Andrea Whittaker joining. Johnston is the chief executive officer of Supreme Ventures Gaming Limited, a subsidiary of SVL, while Whittaker is the chief operating officer of Mayberry Investments

However, these two new appointments are subject to the approval of the Bank of Jamaica, in accordance with the Microcredit Act of Jamaica. Our Today broke the news on Tuesday that First Rock Private Equity has offloaded a large chunk of its shareholding in Dolla Financial to SVL and Mayberry.

Our Today confirmed that First Rock Private Equity, which is the privately operated equity arm of the First Rock Group sold 15 per cent of its equity to SVL and a further 9.0 per cent to Mayberry Investments.

In total, First Rock has sold 24 per cent of its interest in Dolla. When the sale of its interest in Dolla is finalised to SVL and Mayberry, First Rock Private Equity shareholding in Dolla will be depleted to 36 per cent.

No sale price has been disclosed but Our Today investigations revealed that the equity was bought at a price just under the current market value of J$2 per share. With Dolla having some 2.6 billion shares outstanding, which means 15 per cent equity would amount to 375 million shares and 9.0 per cent equating to 225 million shares.

Based on this computation, First Rock would pocket a minimum J$1.1 billion for its 24 per cent stake in Dolla.

First Rock Private Equity purchased 75 per cent of Dolla for US$1.1 million in 2021 from affiliated company First Rock Capital Holdings.