PROVEN Investment Limited (PIL) is reporting that its sale of 68,627,460 shares in Access Financial Services Limited (AFSL) through a public offer of shares to the market on September 20, 2019 will yield a gain in excess of US$20 million.

In a release on Wednesday, PROVEN noted that after having five years with AFSL as a subsidiary business and part of the PIL equity holding, the decision to partially exit was characterised as a difficult one by the PIL board.

“The board, noting its continued satisfaction with this portfolio investment, however, opted to reduce its holding in the company at this time primarily to realise new opportunities,”the release read.

Christopher Williams, president and CEO at PROVEN Management Limited (management company of PIL), explained that the sale was a operational decision as his company seeks to maintain a diverse portfolio of investments.

“As you are aware PIL is a private equity firm whose primary strategy is to acquire, grow and divest businesses. The sale of our shares in AFSL is a natural progression in the scope of our operation as we continually assess our positions amidst the opportunities and seek to maintain a diversified portfolio of investments,” he explained.

On September 27, 2019 the shares were fully subscribed by participants, resulting in early closure and were completed by 11:00 am.

Williams acknowledged the tremendous response to the offer and stated that the successful completion of this transaction will result in board changes, however, he remains confident in AFSL’s ability to generate and deliver sustainable results in the future

“We remain proud to be associated with a truly Jamaican company that provides relevant products and services to working Jamaican both locally and in the Diaspora. We look forward to their continued credible performance,” he said.

Resulting from the sale, PROVEN Investments no longer holds a majority stake in Access Financial. AFSL will therefore not continue to be a consolidated subsidiary.