CHRISTOPHER Williams, president and CEO of Proven Management Ltd, says its decision to transfer its shareholding in Dream Entertainment has nothing to do with the recent backlash the party promoters faced after hosting its annual flagship series.

“It was a financial decision. We buy and we sell shares. It’s simple investment opportunities. We got a good offer and we decided to accept. In fact, we accepted the offer from June so this was way before any discussion about the reopening of the entertainment sector so it [the decision] was definitely not inspired by any controversy,” he told the Jamaica Observer yesterday.

Recently, criticism came from several stakeholders that the five-day Dream Weekend party series, held in Negril August 5-9 and hosted by Dream Entertainment, had contributed to the current spike in COVID-19 cases. The entity, however, denied those claims and said all the necessary protocols had been put in place to ensure the safety of patrons.

In a statement via the Jamaica Stock Exchange on Monday, Proven said it moved its 20 per cent shareholdings to a private company named Yes Iyah Limited. Ryan Reid, Michael Banbury, and Sean Shelton are listed as its directors.

Proven will focus on its core business comprising banking, investments, microfinancing, and real estate.

Williams said he has not closed the chapter on Dream Entertainment, however, and would consider other opportunities with the company should they arise.

“We had a good experience and we’re very satisfied with their ethics and knowledge of the sector, so there is always a possibility,” said Williams.

In February 2019, Proven acquired 20 per cent shares in the entertainment company at a cost of US$570,000 or J$75.28 million. At the time, Scott Dunn, managing director of Dream Entertainment, had predicted a long and fruitful relationship.

“Proven invested in Dream because they love how we operate. They don’t want us to change!” he told the Jamaica Observer then. “It is fair to say, though, that both Dream and Proven are happy with the partnership. We will use it for working capital to help finance some of our major projects for 2019.”

The Jamaican entertainment sector has been hard-hit by the novel coronavirus since March 2020 when the first case on the island was recorded. This resulted in the cancellation of a number of events. It is estimated that the sector lost approximately J$100 billion up to February this year.

As of July this year, Dream Entertainment contributed a share of loss of US$68,000 for Proven, which means that the entertainment company recorded a loss of US$340,000 ($49.84 million) in the fiscal year.

Started in 2009, Dream Weekend is one of the most popular party series in Jamaica, attracting as many as 25,000 fans. Last year, the popular weekend series was cancelled due to the novel coronavirus pandemic and the Government’s decision to suspend the operations within the entertainment industry. This year, it was however given the green light to operate as a “bubble event”.

The New York leg of the series was held August 27-29.

Dream Entertainment is also principal of Xodus, arguably the largest Carnival band on the island.