MFS Capital, which is the new company created following the acquisition of SSL Venture Capital earlier this year, indicates that it is planning two strategic acquisitions which will be the first for the renamed company.

The original company, SSLVC, was listed on the Jamaica Stock Exchange in August 2018, following a reverse takeover of failed music publishing company C2W. The venture capitalist later acquired equity in Bluedot, Muse 360, and Bar Central. Subsequently, however, all investments were mothballed and the company sold.

On May 25, 2022, the majority stake (79.08 per cent) in SSLVC was acquired by MFS Acquisition, leading to the introduction of a new name, MFS Capital Partners Limited, with a new management team and board of directors.

In the company's fourth-quarter financials for the period ended June 30, 2022, it was noted that no portfolio companies have been added under the new management, but that in the first quarter of the new year the company would be executing memorandums of understnding (MOUs) to complete its first two strategic acquisitions.

Further, it was noted by directors, "We currently have a pipeline of targeted acquisitions that we believe will result in attractive and sustainable long-term growth for the company and for shareholder value."

For the 12 months ending June 30, 2022, the group recorded profit after taxes of $14.7 million, profits resulting from the write off of additional external payables. The Group recorded nil revenues when compared to the $19.6 million for the prior year.

Revenues earned in the prior period related to Bar Central Limited (BCL) only, which was shuttered in December 2020.

Administrative and operational expenses were $42.9 million, in addition to the finance-related costs of $1.1 million, bringing overall expenses to $43 million, with expenses incurred relating to the operating costs for the SSLVC's head office and other obligations.

At year end total assets of the group stood at $12.5 million, with total liabilities at $65.1 million, and shareholders' equity at a negative $52.6 million. Profit per stock unit for the 12 months was $0.03 per share.

Directors gave the assurance: "In the first quarter of the next financial year our team will be focused on refining our business model and establishing the company as one of the premier private equity outfits in the Caribbean [and] strengthening the company's balance sheet and positioning the team to take advantage of opportunities in the local and regional markets.

"Directors said they will also be strengthening the company's corporate governance framework and adopting the new standards of risk management.

They concluded, "As the economy continues to rebound, we are confident in Jamaica and the opportunities that are available locally."