PROVEN Group Limited is selling down nearly half of its stake in Barbados-based Roberts Manufacturing Company Limited in a deal worth up to US$15.63 million as the regional investment company moves to improve liquidity, reduce debt, and position itself to resume dividend payments.

The sale forms part of a US$30.16-million initial public offering (IPO) of Roberts Manufacturing, jointly launched with Trinidad-based ANSA McAL Limited.

Proven and ANSA McAL currently jointly control Roberts, with Proven owning 50.5 per cent and ANSA McAL holding 49.5 per cent. If the offer is fully subscribed, Proven’s stake would fall to 25.5 per cent, while ANSA McAL’s would be reduced to 25 per cent, while both shareholders retain strategic control of the company which will list on the Barbados Stock Exchange (BSE).

“Providing liquidity to the Shareholders while retaining strategic control. This will enable capital reallocation, leverage reduction, and capital structure management at the shareholder level,” Roberts stated in its prospectus.

The transaction comes at a critical time for Proven as the regional investment company seeks to improve its capital structure after a difficult nine months.

For the nine months ended December 2025, Proven swung to an operating loss of US$2.66 million from an operating profit of US$2.85 million in the prior year, impacted by higher interest expense, lower gross profit from Roberts, and increased operating costs.

Despite the operating loss, Proven’s share of profit from associate JMMB Group Limited doubled to US$5.66 million, helping the company to post profit before tax of US$3.01 million, though that was still down 44 per cent year over year.

Consolidated net profit was US$2.55 million, with net profit attributable to shareholders at US$1.45 million.

Proven has not paid an ordinary dividend since July 2025 as it prioritised liquidity management and debt reduction amid elevated funding costs and weaker operating performance.

The company has pointed to expected profits from its Sol Harbour and Bahari Phase 1 property developments, which could support the resumption of dividends in the latter half of 2026. This could be complemented by the partial sale of Roberts shares.

“The Board remains committed to reinstating dividend payments at the earliest appropriate time, with the expectation that the completion of major property sales and the normalization of operating performance will provide a solid foundation for the resumption of shareholder distributions,” Proven stated in its third-quarter report.

Roberts remains one of Barbados’s stronger manufacturing assets, producing edible oils, margarines, shortenings, and specialty animal feeds, with exports to 14 Caribbean markets and a dominant position in its domestic market.

Despite a 10 per cent decline in consolidated revenue to US$66.87 million in its latest financial year due to the loss of a major feed contract and short-term export disruptions, Roberts increased net profit by 41 per cent to US$5.70 million. Net profit attributable to shareholders rose 73 per cent to US$4.59 million, helped by lower costs, reduced taxes, and a reversal of prior accrual balances.

Roberts has paid BB$33.11 million (US$16.55 million) in dividends since 2021, including US$4.67 million in the 2025 financial year. It also paid an annual management fee of US$2.80 million to shareholders and affiliates, though that fee will be discontinued after listing as the company moves to pay at least 50 per cent of available net profits as dividends.

“With a solid operational foundation in place, Roberts is now transitioning to Phase 2, which focuses on top-line growth through a heightened commercial focus and disciplined execution,” the prospectus stated.

The company is modernising its shortening and margarine plant to improve output by 30 per cent while expanding its export footprint across the region.

Roberts may also pursue a listing by introduction on the Jamaica Stock Exchange and execute an additional public offer to raise more equity capital for expansion.

The Roberts IPO, which opened on April 16 and closes on May 7, must raise at least US$5 million to succeed. Shares are being offered to the general public at US$0.50 each.