Trading reinstated in MFS Capital Partners Limited on the JSE’s Junior Market

 

 

The ordinary shares of MFS Capital Partners Limited (MFS), which trades under the symbol MFS on the Junior Market of the Jamaica Stock Exchange (JSE), will resume trading effective Friday, March 7, 2025.

The Jamaica Stock Exchange indicates thar “All outstanding issues that led to the suspension of trading in MFS shares on the JSE effective December 31, 2024, have now been addressed. These included the submission of its Audited Financial Statements for the year ended June 2024 and 1st Quarter Unaudited Financial Statements for the period ended September 30, 2024.”

It was noted that MFS further agreed in its discussions with the JSE to share a market release on the measures that MFS had put in place to prevent a recurrence of the issues regarding its financial reporting, and this was done and circulated to the market.

The JSE stated, “In light of the Company’s compliance, MFS has remedied its breaches of JSE’s Junior Market Rule Appendix 2, Part 4 (1) ( e) & 4 (2) ( e). MFS Capital Partners Limited is now in compliance with the Rules of the JSE and there is no reason for the shares to remain suspended.”

MFS indicates that it is positioning itself to earn fees from its subsidiaries which will in the future add to revenue.

One such is Monolith Financial Services (MFS) Limited, a Kingston-based company that began operations in 2010 as a microlender. Since then, while it no longer offers microloans, the company has expanded its operations into other areas of finance, including FX trading, remittances, bill payment services, and private credit.

Monolith has also gone on to take equity positions in several other entities. The company currently operates from 3 locations in Kingston.

The microlender was formerly known as SSL Ventures prior to a change of ownership. This company is private equity firm specialising in investments within the financial services and real estate sectors.

MFS Capital completed the 100 per cent purchase of MFS Limited on March 29, 2024, for $500 million.

The purchase grew MFS Capital’s total assets from $65 million to $864 million, and its book value from negative equity of $2.4 million to a positive $255 million at the time.

MFS Q2 results

MFS group earned revenue for the period of $89.5M which represents an increase when compared to $360K earned for the period ending 31 December 2023.

MFS reported net profit for the six months of $50.68 million this compared to a loss of $17.6 million in December 2023.

The group earned revenues primarily from gains on FX Trading activities, fees from Remittances interest Income from its private credit portfolio and dividends and gains from the investment portfolio.

Other operating income was $55.8M for the period, which was also a significant increase when compared to $4.5M earned in December 2023.

Total assets for the Group as at 31 December 2024 grew by $789.6M to $846.2M when compared to $56.6M for 31st December 2023.

Total liabilities as at 31 December 2024 was $627.5M, primarily due to increased amounts due to related parties, payables largely associated with the MFS Group. The Group’s shareholders’ equity as at 31 December 2024 increased by $276.2M to $218.7M when compared to a negative $57.5M for 31st December 2023.

Photo: Partners in MFS Capital

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