MICRO-FINANCING Solutions has now entered into a formal arrangement with a brokerage house to help facilitate its proposed takeover of SSL Venture Capital. The company, however, refused to say which brokerage house it has employed until the details are released to the Jamaica Stock Exchange.

The private equity firm made a bid to take 100 per cent of the shares in SSL Venture Capital in January, but withdrew its offer circular on the same day it was uploaded on the Jamaica Stock Exchange website to first seek a brokerage house to conduct the transaction.

Now with that brokerage agreement secured, Micro-Financing Solutions is expected to resubmit the takeover bid circular but an indication as to when that will happen was not forthcoming.

Dino Hinds, the founder of Micro-Financing Solutions, told the Jamaica Observer that the transaction will be completed soon, refusing to outline a fixed date.

Micro-Financing made the takeover bid for SSL Venture Capital offering $0.0948 per ordinary share, which is just over five per cent of the $1.76 price the shares in SSL Venture Capital traded at on Friday.

The offer price values SSL Venture Capital at $37.9 million.

However, the company’s outstanding shares have a market value of $695.78 million.