Sygnus delivers on dividend promise to shareholders

Sygnus delivers on dividend promise to shareholders

Close to US$3.8 million in cumulative dividend payments in two years to shareholders

BY DURRANT PATE
Observer Business writer

Wednesday, October 07, 2020

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Sygnus Credit Investments Limited (SCI), which is regarded as the largest private credit investment company in Jamaica has delivered on its dividend promise to shareholders.

In just three years of operations, SCI has proven to be one of the highest paying dividend stocks on the Jamaica Stock Exchange, which was a promise made to shareholders from its inception in July 2017. In the last two years, SCI has rewarded its shareholders with over US$3.8 million in cumulative dividend payments.

This represents 10.9 per cent of SCI's share capital. The first dividend payment of US$467-thousand was made on October 2018 followed by US$1.48 million representing 12 months of dividends payment made in October 2019 and US$1.87 million for 12 months up to June 2020.

LARGEST LISTED, PRIVATE CREDIT COMPANY IN ENGLISH-SPEAKING CARIBBEAN

This dividend payment represents a 26.5 per cent increase over 2019. In addition to the handsome dividend payment to shareholders SCI has the enviable record of becoming the largest, listed, private credit company in the English-Speaking Caribbean.

The company has total assets of just under US$54 million and deployed capital of over US$100 million in private credit financing to medium-sized firms in 25 portfolio companies in 10 different industries spread across seven Caribbean territories. In total SCI have funded over 35 medium-sized firms using customised credit solutions aligned to its strategy of being the region's premier private credit firm.

In pointing to SCI's secret of success, founder and Chief Executive Officer (CEO) Berisford Grey emphasised that the investment outfit, “has pursued a strategy that is anchored by agility and resilience, with no more than 20 per cent exposure to any single sector and well diversified across seven territories”

At SCI's extraordinary general meeting last week, where shareholders gave their approval for an additional public offering (APO) of shares to raise funds for its expansion plans while paying down debts, Grey encouraged the Jamaican investing public to subscribe to this APO.

According to him, “If SCI is to fulfil its promise to shareholders as well as stakeholders, it must play a leading role in the recovery and growth of medium-sized business by expanding the regional private credit market over the next two years.”

NO DATE FOR APO

Though a date for the approved APO was not disclosed at the meeting, the SCI president advised that it could get off the ground in the next 8-10 weeks and that shareholders should feel proud to have invested in a pioneering business on a legacy journey, which will forever change the way medium-sized businesses access capital in the region.

SCI intends to expand the regional private credit market by, among other things, leveraging partnerships to deepen the Caribbean private credit ecosystem and protecting and supporting existing investments. SCI is a pioneering private credit investment company, which offers flexible debt financing to medium-sized enterprises.


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