DOLLA Financial Services Limited and FosRich Limited have announced a partnership surrounding the financing of solar power systems and solar water heaters for the Jamaican market.
The announcement was made last Thursday at the Jamaica Stock Exchange's (JSE) 18th Regional Investments and Capital Market Conference at the Jamaica Pegasus hotel in St Andrew. Both sponsor companies for the conference mentioned that this partnership will allow FosRich customers to access up to 90 per cent financing for their solar products. This has seen more than 100 individuals inquire about the arrangement since the announcement.
Both companies' principals also spoke on the panel 'CEOs Meet the Press: Companies Outlook for 2023 & Beyond' on the events going forward. FosRich Managing Director Cecil Foster spoke about the strength of his team as its competitive advantage and about growing too slowly as a weakness. FosRich is expected to execute a rights issue or additional public offering in short order to raise more equity capital. The electrical lighting company began exporting PVC piping in 2021 and currently has a team in Guyana.
Dolla Financial Chief Executive Officer (CEO) Kadeen Mairs said, "Right now it looks like we're going to have to raise some more capital to fund our growth."
He referenced the success seen in its recently launched subsidiary Ultra Financier, noting the need to grow the business further. Mairs also mentioned that Dolla would have recently launched an employee share ownership programme (ESOP) and that there is greater brand awareness, plus ease in raising capital once listed on the JSE.
As for Massy Holdings, its CEO Elliot Gervase Warner was looking forward to focusing on the global expansion which has already begun, evidenced by the acquisition of Rowe's IGA in Florida. The company is also looking towards Europe as its next destination.
PanJam Investment CEO Joanna Banks made a presentation on the Pan Jamaica Group transaction, completion of which will take place by the end of March. Additionally, she highlighted the transformational opportunities which await once complete. She mentioned that there could be no details surrounding the New Castle Company Limited sale based on a confidentiality agreement.
When asked about the situation enveloping Stocks and Securities Limited and its impact on Jamaica, Foster and Banks spoke to the need for the matter to be properly investigated and for the regulators to apply what they have on hand, especially with relation to the proposed 'twin peaks' regulatory model. Mairs gave an example of a Chinese farmer and explained how every crisis has lessons and opportunities.
Meanwhile, Warner spoke to the vibrancy of the Jamaican capital markets and the integrity of the Jamaican financial system. The Trinidadian CEO was adamant that they had not lost confidence in the Jamaican capital markets.
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