Caribbean expansion on growth agenda for Sygnus

Observer writer

Friday, April 26, 2019

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At the Sygnus Business at Breakfast forum launched Wednesday at the Terra Nova Hotel in Kingston, CEO of Sygnus Credit Investment Ltd, Berisford Grey shared with the Jamaica Observer that the company is the largest listed private credit investment company in the Caribbean, with more than US$38 million in capital.

This, after being in existence for under two years and being listed on the Jamaica Stock Exchange less than a year ago, in June 2018.

He believes that there is great potential and growth for the private credit investment market.

“The global private credit market is going to be US$1 trillion this year, while the Jamaican private credit space is not even at $100 million — that means it's really non-existent — so the only way is up,” he explained.

The company, according to Berisford, already has investments in the wider Caribbean — in islands like St Lucia, Barbados and the Dutch Caribbean — and is currently looking at other opportunities in other places such as The Bahamas and Cayman. Though they do not yet have offices there.

They hope to have offices in these locations soon, but the CEO believes in planting good roots and growing strong at home in Jamaica first.

The company is currently exploring the possibility of their second private credit investment company, focusing on specific investment areas outside of medium-sized firms, but Grey remains tight-lipped on it for now.

The Sygnus Business at Breakfast forum is the first in what is to be a series of forums aimed at better educating potential clients and stakeholders on the services Sygnus has to offer and how they can help in attaining business goals.

According to Grey, “The purpose is twofold. To provide thought leadership on various opportunities and financing options in the local market and to further engage clients and provide general insight on access to non-traditional financial solutions such as private credit, private equity and tax advisory.”

The panellists at the Sygnus Business Breakfast included Group CFO, Derrimon Trading Company, Ian Kelly; project coordinator, Development Bank of Jamaica, Audrey Richards, and co-founder & CEO of Sygnus, Berisford Grey. It was moderated by Sanya Goffe, partner at Hart Muirhead Fatta.

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