MFS Acquires 79% Stake in SSLVC

• MFS Acquisition Limited (MFS) has announced that it has completed the acquisition of 79% of the shares in SSL Venture Capital Limited (SSLVC). The transaction which was completed on May 25, 2022, saw the company paying out J$30Mn to purchase the majority shareholding of SSLVC. 
• MFS is a private company that offers short-term funding solutions to both individuals and micro, small and medium-sized companies (MSMEs). The Director of MFS, believes that the addition of SSLVC will assist in the company’s long-term strategy of becoming the premier private equity outfit in the Caribbean. 
• This acquisition is likely to bring many changes to SSLVC as MFS management highlighted that a new board of directors will be announced shortly. As such, we can expect to see new initiatives from the company in the coming months. Furthermore, MFS has a client base from which SSLVC can leverage and upsell its private equity services, which could have a positive impact on its financial performance.

(Source: JSE)