THE way is now clear for Micro-Financing Solutions Limited to purchase SSL Venture Capital, which has been insolvent for the past year and has been struggling to maintain profitability.

The board of SSL Venture Capital approved the sale at its meeting on Friday, paving the way for Micro-Financing Solutions to take control having first made a takeover bid offer to purchase 100 per cent of SSL Venture Capital on January 17 for $0.0948 per share. The total consideration at that price was $37.9 million. On that day, SSL Venture Capital closed at $0.87 cents each which would have given the company a market capitalisation of $348 million. However, at the close of trading on Tuesday the company's shares were valued at $806 million.

Investment and brokerage firm Stocks and Securities Limited (SSL) is the primary shareholder in SSL Venture Capital, owning 79 per cent of the issued shares with 15 per cent being owned by mostly former executive employees and directors and the balance of six per cent equity being owned by the general public.

The Jamaica Observer understands that Micro-Financing Solutions doesn't intend to delist SSL Venture Capital from the Jamaica Stock Exchange (JSE) and as such will not move to acquire all 100 per cent share equity at this time.

When contacted Micro-Financing Solutions Chairman Dino Hinds declined to comment on any plans being discussed and developed for SSL Venture Capital, urging the Business Observer to await the takeover circular, which will “spell out all those details.” He declared that it is too early to be commenting on such matters saying, “it would be imprudent to do so at this time.”

SSL Venture Capital was formed in 2018, following a rescue plan approved by the JSE of the failed music publishing company, C2W. As at June 30, 2021, SSL Venture Capital had accumulated deficit of $123.4 million.

BY DURRANT PATE Observer business writer

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