Mayberry Group Limited (MGL) has cemented its place firmly in Dolla Financial Services Limited as it acquired another seven per cent of the microcredit company for $332.50 million.

In a disclosure posted to the Jamaica Stock Exchange (JSE) last Thursday, Mayberry Group announced that its wholly owned subsidiary Widebase Limited acquired another 175 million shares of Dolla at $1.90 on May 26. That brought Widebase’s interest in Dolla up to 21 per cent which has resulted in it becoming a substantial shareholder in Dolla.

“Widebase intends to apply to the Bank of Jamaica to obtain regulatory approval to hold more than 20 per cent interest in Dolla. Widebase with the support of the Mayberry Group of Companies will commence the application process with the Bank of Jamaica immediately,” stated the MGL disclosure.

Dolla is a licensed microcredit company which is regulated by the Bank of Jamaica (BOJ) under the Microcredit Act. The Microcredit Act states, “Where a person proposes to enter into an agreement or an arrangement to acquire the shares of a licensee by virtue of which the person would, if the agreement or the arrangement is carried out, be a substantial shareholder of the licensee, that person shall, in writing, apply to and obtain the prior approval of the Supervisor in respect of the agreement or arrangement.”

A substantial shareholder under the Microcredit Act is defined as a person who holds 20 per cent or more of the shares of a licensee. Mayberry Group also has an additional interest in Dolla through its subsidiary Mayberry Jamaican Equities Limited (MJE) which owned 11.56 per cent of Dolla on March 31. That brings the collective ownership to 32.56 per cent for Mayberry Group.

Also, key Mayberry Group directors also own shares in Dolla. PWL Bamboo Holdings Limited, VDWSD Limited and KMB Holdings Inc each own 23 million shares of Dolla or a combined 69 million shares for a 2.76 per cent stake. These companies are connected to Mayberry Group Chairman Christopher Berry, CEO Gary Peart and Vice-Chairman Konrad Berry.

Supreme Ventures Limited (SVL), a company whose executive chairman is Peart, also owns 15 per cent of Dolla. MJE and Peart own 18.7813 per cent and 0.4243 per cent of SVL, respectively. Peart was physically present at Dolla Financial’s May 30 annual general meeting (AGM) which was chaired by Walter Scott, KC. Scott is a director of Mayberry Group and Mayberry Investments Limited.

Mayberry Group was previously the second largest shareholder in microcredit outfit Access Financial Services Limited before it exited its position in December 2014. Its subsidiary MJE also has a 17.40 per cent stake in Lasco Financial Services Limited which has a microcredit subsidiary. SVL also has a microcredit subsidiary called Evolve Loan Co Limited (formerly McKayla Financial Services Limited).

Although the connected party that sold the Dolla shares isn’t known, only FirstRock Global Holdings Limited, trading as Premier Private Equity (formerly FirstRock Private Equity Limited) or Dequity Capital Management Limited, could have sold the shares in the company. Dequity and Premier owned 20 and 16 per cent of Dolla at the end of March.

Dolla listed on the JSE’s Junior Market in June 2022 and has since grown its consolidated asset base from $861.09 million in December 2021 to $4.63 billion at the end of March 2025. It now boasts a loan book of $4.26 billion and an equity/capital base of $1.21 billion. However, the company had a 17 per cent dip in net profits to $116.60 million due to the increase in operational expenses and an increase in irrecoverable bad debt.

Dolla’s board also didn’t declare a dividend after its May 20 board meeting. The company’s stock price closed on Monday at $2.36 which left the stock down 22 per cent in 2025 with a market capitalisation of $5.89 billion.

Mayberry Group records tough Q1

Mayberry Group recorded a consolidated net loss of $1.57 billion for the first quarter (January to March) as MJE recorded larger unrealised losses on its investment in associates. This was partially offset by a $315.34-million unrealised gain on investment properties and an increased share of profit on its joint venture Cherry Hill Development Limited. One positive for the period was that MGL recorded net interest income of $57.14 million compared to the net interest expense of $43.16 million in the prior period.

The group’s asset base four per cent during the quarter to $66.54 billion with investment securities at $18.24 billion and loans and other receivables rising 30 per cent to $13.09 billion. Total liabilities increased 12 per cent to $43.75 billion as loans increased to $19.79 billion and accounts payable moved to $12.27 billion. Consolidated shareholders equity dipped to $22.78 billion, with $15.12 billion attributable to shareholders.

Mayberry Group has pushed ahead with its investment strategy which saw it realise its investment in Caribbean Producers (Jamaica) Limited during 2024 and deepening its positions in IronRock Insurance Company Limited and Dolla Financial Services. MGL also recognised a 21 per cent stake in Vicol Limited worth $496.10 million. Vicol Limited is the special-purpose vehicle which owns the stake in Keo World. SVL, which also invested in Keo in the past, had $334.46 million in unquoted equity at the end of 2024.

MJE sold its positions in Palace Amusement Company (1921) Limited, Jetcon Corporation Limited, Medical Disposables and Supplies Limited and Paramount Trading Limited to Widebase on January 9. MJE currently has a $996.46-million bond due on July 26 and a $747.90 million secured note due January 2026.

“Looking ahead, we are confident that the investments made over the past year in talent, technology, governance, and market expansion will bear fruit. We are well-positioned to take advantage of emerging opportunities as we work towards building a sustainable and resilient future for all,” Peart stated in MGL’s 2024 annual report.