Jamaica Stock Exchange suspends MFS Capital


The Jamaica Stock Exchange (JSE) indicated via notice on its platform today that it has suspended the shares of MFS Capital Partners Limited (MFS).

MFS Capital Partners Limited is a private equity company located in Kingston, The firm specializes in growth capital investments and focuses on the real estate sector, investment banking, money services, receivables financing, and private credit.

MFS Capital Partners also acquired Micro Financing Solutions (MFS), a micro-lender and licensed cambio, which offers services in remittances, bill payment, and large credit.

MFS Capital Partners listed on the JSE in August 2022 by introduction after its takeover of SSL Venture Capital (SSLVC) in May that year. Its predecessor was also listed by introduction in 2018 after the failure of C2W Music, which raised $120 million in its initial public offer.

The notice read: “The Jamaica Stock Exchange (JSE) wishes to advise the investing public that in keeping with JSE’s “Junior Market Rule Appendix 2, Part 4 (2) ( e) – Audited Annual Financial Statements and JSE Junior Market Rule Appendix 2, Part 4 (1) ( e) Quarterly Financial Statements, the JSE has taken the decision to immediately suspend trading in the shares of MFS Capital Partners Limited (MFS). This suspension is pending the submission of its 2024 Audited Financial Statements and 1st Quarter Unaudited Financial Statements for the period ended September 30, 2024”.

The JSE added, “MFS Capital Partners Limited (MFS) has failed to submit to the JSE its Audited Financial Statements for the year ended June 30, 2024. As a result, the Company’s 2024 Audited Financial Statements, which became due on September 28, 2024, is ninety-three (93) days overdue as December 30, 2024.

“MFS has also failed to submit its 1st Quarter Unaudited Financial Statements for the period ended September 30, 2024, which became due on November 14, 2024. As at December 30, 2024, the 1st Quarter Report is forty-six (46) days overdue.

“ Given the above the JSE has suspended the shares of MFS Capital Partners Limited (MFS) effective December 31, 2024.”

 Caribbean Money Daily

Caribbeanmoney.blogspot.com

Follow us for breaking news

Email austanny@yahoo.com

Comments

Post a Comment

Popular posts from this blog

Kintyre makes US$300,000 investment in Sevens Ice

Image
  Tyrone Wilson Chairman, President and CEO Kintyre Holdings (JA) Limited (KHL) and Seven Kingston Limited, owners of the Seven Ultra Lounge and Restaurant, on January 14 announced a joint venture to launch Sevens Ice. Kintyre Holdings has made an investment in excess of US$300,000 in acquiring an associate stake in Seven and also establishing the start-up for the ice venture. "This initiative addresses Jamaica’s growing demand for high-quality ice, with operations set to begin in Q1 2025," Wilson stated. Additionally, the venture has acquired a cold storage facility to manage its start-up capacity and is exploring the importation of ice to bridge the gap between demand and supply, ensuring a consistent and reliable market presence. Distribution Expansion Wilson said that Sevens Ice has secured a distribution point in Kingston and is in the process of setting up another in St. Catherine to serve the western and central parts of the island. This expansion will ensure broade...
Read more

BCMG increases risk management oversight: Launches surveys-as-a -service

Image
Insurance brokers in Jamaica often send underwriters themselves to survey risks; however, they frequently do not have the technical knowledge required to produce the best results. BCMG Insurance Brokers Limited (BCMG) in response, introduced - in support of the wider brokerage industry - an updated surveys-as-a service product which has been embraced by the wider community as groundbreaking. Senior Risk Manager on the New Business Team of BCMG David Lazarus explains, “We saw where the technical details and in-depth knowledge of the intricacies of business operations were not always being taken into consideration. This was seen as an opportunity to expand into this space.” In 2020, Billy Craig Insurance Brokers and Maritime General Insurance Brokers, MGI, signed an agreement to merge their operations to form BCMG Insurance Brokers Limited. Following the union, the new company has been exploring options to expand the service capability of the brokerage and increase value for clients...
Read more

Headhunting: The art of finding talent in a shrinking labour market

Image
KPMG, PricewaterhouseCoopers (PwC) and BDO -chartered accounting firms and business consultancies - are the main companies to which Jamaican corporates turn for headhunting services. However, there are also sole practitioners who are finding their feet in a climate in which human resource management and talent hunting is in big demand. Also known as an executive search, headhunting differs from traditional recruitment. It is used to hire high level employees such as CEOs. The work of headhunters is getting harder in Jamaica. Wilfred Baghaloo - Partner, Advisory Services - PwC Jamaica comments, “We simply do not have enough qualified persons to provide necessary services to our clients locally and internationally in the financial advisory space. I believe we have reached the point (maybe four years ago) where we need to rethink our working permit immigration plan /approach. “Allowing more immigration and work permits will help us in the financial advisory space and also the country...
Read more