SVFSL partners with LASF

Supreme Ventures Financial Services Limited (SVFSL) has signed an agreement with Lasco Financial Services Limited, for that company to take over the MoneyGram remittance operations of SVFSL. The transaction has been approved by MoneyGram International. This transaction is subject to the approval of the Bank of Jamaica. The transaction will strengthen the Balance Sheet of Supreme Ventures Limited, reduce operating costs and allow the company to focus on its core business of lottery and gaming. The SVFSL MoneyGram remittance services are offered through 88 locations, including the company`s regional retail centres, sub-agents and select Post Offices islandwide. The consideration for this deal is J$38 million and Lasco Financial expects this transaction to be accretive to earnings.