As the Jamaican economy continues to evolve in its search for consistently higher levels of growth, the primary role of the local capital markets will be to provide a diversified pool of risk capital to businesses and entrepreneurs to pursue a broader set of growth opportunities.
Private credit investment company Sygnus Credit Investments Limited (SCI) plans to raise $1.2 billion from its initial public offering (IPO) on May 2.
In one year, Sygnus has successfully launched a private credit investment company, which is currently seeking an IPO launch on the main market. Chief Investment Officer, Jason Morris, shares Sygnus’ success and plans for the future.
Sygnus Capital and Sagicor Investments Jamaica raise $1.2 billion in new 5-year bonds for manufacturing conglomerate Seprod Limited to replace expensive debt on the company’s cash sheet. The new bond is expected to cut the manufacturer’s debt-servicing charges by about two percentage points.
Sygnus’s Co-Founder and Chief Executive Officer, Beris Grey, recently presented about non-traditional financing options for SMEs at the DBJ Summit – “Empowering for Success: Talk, Connect, Grow.” He expresses excitement at “…the realization that there is a new wave of entrepreneurs in Jamaica and the small and medium-sized businesses are working creatively to grow their business and take advantage of emerging opportunities.”
Sygnus Capital, the newest player in the fast-paced high-demand financial market, recently closed a $1.5-billion seven-year transaction for Jamaica Producers which contributed to the more than $5.5-billion in financing that the company has raised for clients in the local capital market since it commenced operations earlier this year.
The following is the text of the presentation by the Minister of Finance and the Public Service, Audley Shaw at the launch of Sygnus Capital Limited on Wednesday, July 12, 2017 at the Porsche Centre in New Kingston.
Jamaica’s newest financial house, Sygnus Investments, is led by three talented and innovative businessmen who have made it clear that their aim is to revolutionise how businesses raise money in capital markets, facilitate mergers and acquisitions, and provide advisory services for tax planning and estate planning in Jamaica and the Caribbean.
Finance Minister Audley Shaw is calling on banks and other lending institutions to reduce their interest rates. Interest rates at some lending institutions are more than 15-percent. Mr. Shaw says interest rates should not exceed six percent.
Finance and the Public Service Minister, Hon. Audley Shaw, said that three major international investors have expressed interest in the development of the Vernamfield Airfield in Clarendon into an aerotropolis.
