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Proven Investments Limited's office on Haining Road in New Kingston, Jamaica (Photo weareproven.com)

Proven Investments Limited to purchase Fidelity Bank and Trust International Limited

Proven Investments Limited's office on Haining Road in New Kingston, Jamaica (Photo weareproven.com)

Proven Investments Limited (Proven) has advised that on March 16, 2021, the company entered into a share purchase agreement with Fidelity Bank & Trust International Limited to acquire the entire issued share capital of Fidelity Bank (Cayman) Limited (FBCL).

Fidelity is an incorporated company in the Commonwealth of The Bahamas. The investment cost was not shared.

“The purchase price for the shares will be determined in accordance with the terms of the aforementioned share purchase agreement.”

FBCL is a financial services company incorporated in the Cayman Islands and is licensed with the Cayman Islands Monetary Authority under the Bank and Trust Companies Act as a Category A Bank to carry on banking business in the Cayman Islands.

A Fidelity Bank branch in the Cayman Islands (Photo: Cayman Compass)

The agreement is conditional on receiving approval by the Cayman Islands Monetary Authority.

Proven stated, “The purchase price for the shares will be determined in accordance with the terms of the aforementioned share purchase agreement.

It is proposed that completion (as defined in the share purchase agreement) will take place before 5:00 pm on the last business day of the month subsequent to the month in which all conditions (as defined in the share purchase agreement) have been satisfied. This is provided that the conditions have been satisfied on or before June 30, 2021.

Fidelity National Financial acquires Cayman’s FGL Holdings

Proven’s growth strategy

The company announcement said “The proposed acquisition of the shares is aligned with Proven’s strategy of regional growth through acquisitions in the regulated sector throughout the Caribbean and Latin American regions, with a view to increasing value to its shareholders.”

The investment company earlier this year also moved to acquire 50.5 per cent of the common equity of Roberts Manufacturing Co. Limited (RMCL) from Massy Properties (Barbados) Limited (MPBL) for a consideration of US$21,452,500.00.

Proven Wealth, earlier this year acquired a 50.5 per cent stake in the Barbados-based Roberts Manufacturing Co Limited (RMCL) from Massy Properties (Barbados) Limited (MPBL) for a consideration of US$21,452,500.00.

 It announced on January 5, 2021 that it entered into an agreement for sale and purchase of the shares on December 30, 2020.