Proven Investments Limited (ProvenJA) has entered an agreement to acquire 100 per cent of the common shares of a licensed securities dealer with offices in Cayman and throughout the Caribbean.

The company, which was tight-lipped on the details of the acquisition, said the move is expected to positively impact bottom line by 20 per cent.

Group President and CEO of Proven Management Limited, Christopher Williams, told the Jamaica Observer that the company is now handling regulatory approval within the various jurisdictions but hopes to have it concluded within 90 days.

“Cayman is a strong wealth management market, with very high capital income and that’s a market that we had our eye on for a long time. It is an attractive market globally and so we have finally been able to work with an entity that has a strong presence there to give us a foothold in that market,” Williams told the Sunday Finance.

“We are happy with the acquisition and we look forward to broaden our portfolio into Cayman and the northern Caribbean,” he continued.

Last March, ProvenJA acquired 82.82 per cent of the common equity of Bank of St Lucia International (BOSLIL) from Eastern Caribbean Financial Holding Company Limited. The company is now the owner of Real Properties Limited (formerly Proven REIT Limited), which was formed as the vehicle for both residential and commercial real estate related investments for ProvenJA.

Having successfully completed and sold the residential development on Kingsway in Kingston, the company has completed its second residential development on Sullivan Avenue, Kingston 8. The third development in the pipeline is on Millsborough Avenue in Kingston 6 which is expected to come on stream in the near future.

ProvenJA experienced 18.2 per cent growth in net revenue for the year ended March 31, 2017, moving to US$24.8 million compared to US$21.0 million earned during the year ended March 31, 2016. Net profit attributable to shareholders for the year ended March 31, 2017 amounted to US$8.72 million.

It represents more than a threefold increase from the US$2.34 million earned in the previous year, resulting from a one-off gain from the acquisition of the BOSLIL during the final quarter of the financial year.