FINSAC (Financial Sector Adjustment Company) Limited – the entity set up by the Government in 1997 to address the liquidity and solvency crisis which existed in the financial sector in the early 1990s – is currently reviewing a variety of offers it’s received from interested bidders in its 72.1411 per cent stake in Ciboney Group Limited.

Ciboney could run out of cash this year since the company has no operations and is only spending its remaining $774,000 worth of cash as of November 2021. Finsac had set a November 8 deadline for interested entities to submit bids to purchase its stake in the now defunct tourism company. The release posted to the Jamaica Stock Exchange noted that a final decision will be made shortly in order to facilitate transfer of majority ownership in the fourth quarter (March – May). The release didn’t make mention of the possible entities bidding for Finsac’s stake.

Ciboney’s stock price has declined 5.40 per cent year to date to $0.75 which values the company at $407.39 million and Finsac’s stake at $294.67 million. Ciboney’s stock price rallied to $2.13 a year ago that valued it at $1.16 billion as speculation surrounded a possible takeover. Geoffrey Messado, Errol Campbell, Michael Campbell and Tricia Grant Campbell are its remaining directors. Messado was the former executive director of Ciboney up to last September. Messado was recently charged with four counts of forgery and two counts of obtaining money by false pretence. The charges are connected to a case in which his wife Jennifer was previously charged with 12 counts of forgery and four counts of obtaining money by means of false pretence. Both Messados are connected to Sonado Limited which collected $1.2 million each year from Ciboney in consultancy fees.

SSL Venture Capital Limited is the latest bankrupt company to experience a surge in its stock price following the 100 per cent takeover offer by Micro-Financing Solutions Limited for $0.0948 per share. The takeover bid circular is awaiting regulatory feedback. SSLVC is up 59 per cent year to date from $0.94 to $1.49.