Sagicor to underwrite PROVEN APO

February 09, 2020

via Jamaica Observer

Sagicor Investments will underwrite the additional public offering (APO) for PROVEN Investments Limited, which is set to open before the end of this month.

Underwriting refers to the process through which an individual or institution takes on financial risk for a fee.

The entities signed the agreement recently at the Sagicor Investments head office in Kingston, which will see Sagicor underwriting the deal of US$50 million.

Sagicor Investments is also to act as co-arrangers of the deal which is subject to regulatory approvals.

Chris Zacca, president and chief executive officer (CEO) of Sagicor Group Jamaica and chairman of Sagicor Investments, lauded the move as a step towards the development of the local business sector and for providing investment opportunities for all Jamaicans.

“Sagicor Investments believes that in building stronger companies our economy will become more vibrant, therefore this APO provides a major opportunity for the continued robust growth of the stock market. In so doing, we are also offering a platform for all Jamaicans to own additional shares in this company and participate in its future. We encourage all Jamaicans to look at the investment opportunities that the current vibrancy in our economy brings and be active participants in ensuring that Jamaica achieves its full potential,” he said.

President and CEO of PROVEN Management Limited Christopher Williams added that, “We are excited to have Sagicor Investments Limited on board in the capacity of underwriters and co-arrangers for our additional public offer. This will be PROVEN's first unrestricted offer of shares to the public and the largest offer we have undertaken since inception. We are therefore pleased to partner with Sagicor Investments on this share offer which will give the investing community an opportunity to participate directly in future prospects of PROVEN.”

Kevin Donaldson, CEO of Sagicor Investments, also shared similar sentiments.

“The PROVEN APO is another step in the evolution of the Jamaican capital markets. We applaud the boldness displayed by an indigenous group of entrepreneurs as they expand internationally. Therefore this US$50-million underwriting provides PROVEN the assurance of a successful APO to accomplish their short- to medium-term expansion goals.”