Proven Investments Limited has gone to the capital markets to raise over $2-billion in funding for upcoming acquisition opportunities, expansion plans and strengthening the capital base of the company.
To raise the funds, the company’s board of directors approved the offer and issuance of almost 69-million in additional ordinary shares in the company to all ordinary shareholders on record as at June 30.
This is expected to be done by way of a renounceable rights issue of 1 new ordinary share of the company for every block of 8 ordinary shares held, at a subscription price of $31.20.
Proven has been on a strategic and targeted acquisition drive over the last three years.
It has picked up a number of very profitable companies including the Bank of St Lucia International Limited and First Global Financial Services from GraceKennedy.
Proven has also taken major positions in companies such as Access Financial Services and Knutsford Express. But it later agreed to sell its 20-percent stake in Knutsford Express for $220-million, to NCB Capital Markets Limited.