(Jamaica Observer Article: Kingston, Jamaica)

Despite seeking a new round of funding close to the yuletide season and in one of the quietest years in recent times on the Jamaica Stock Exchange (JSE), Sygnus Credit Investments Limited (SCI) was able to rake in US$50.25 million (J$7.78 billion) to fund its pipeline of private credit deals and next round of growth.

The St Lucian registered company had published its cumulative redeemable preference share prospectus on November 13 where it had sought US$25.10 million (J$3.99 billion). The offer which opened on November 20 and had an original closing date of December 6 was extended to December 15 due to the offer being oversubscribed. It’s now been revealed on the basis of an allotment published on Friday that SCI’s three classes of preferred shares received US$51.05 million (J$7.91 billion) in applications from investors.

(Jamaica Observer Article, Kingston, Jamaica)

“I believe that we are on target to being the most developed country in the Caribbean. Currently, there is a surplus of new residential projects and a promising pipeline of upcoming commercial ventures. However, there is untapped potential for further growth in the industrial and institutional sectors. What I’d like to see is more investment in construction for these sectors, and renovations to better the overall country.”

A seasoned professional in the field of construction and process management, Peta-gaye Simpson has roots which trace back to her start in the city Kingston.

Sygnus, a leading alternative investments firm in the region, and the Carbyne Capital Investments team, joined hands with the Kiwanis Club of CyberConnect Jamaica to spread festive cheer at the Bustamante Hospital for Children with over 450 gifts on Thursday, December 14

(OUR Today – Feature Article) In the dynamic landscape of modern finance, traditional investment avenues are no longer the sole players in the market. Alternative investments, particularly private credit, have emerged as a powerful catalyst, transforming the way businesses secure funding and investors seek returns. As we navigate an era marked by economic uncertainties, Sygnus is at the forefront of this transformation, offering a unique perspective on the evolving role of private credit.

The Mona School of Business (MSBM), in marking its 10th anniversary with a gala and awards ceremony, utilised the momentous platform to honour local outstanding leaders in the business world. Among those awarded was Berisford Grey, CEO and co-founder of leading alternative investments firm Sygnus Group, who received the prestigious ‘Emerging Business Leader’ award. This recognition was a testament to his visionary leadership at Sygnus.

Net profit up 16% to a record US$2.86 million as earnings per share jumps 14.3% to US$0.48

Sygnus Credit Investments Limited (SCI) is reporting yet another record performance for the half-year and second quarter, ended December 2022

Jamaica-based investment company, Sygnus Credit Investments (SCI) plans to delist its cross listed shares from the Jamaica Stock Exchange (JSE).

The de-listing will affect both J$ and US$ ordinary shares, which were cross listed. The shares of SCI were listed on the Main Jamaican Dollar Market (J$ Market) and the US Dollar Market (US$ Market) of the JSE on June 18, 2018.

Sygnus Capital Limited is one of the first Jamaican private sector organisations to have implemented a paid paternity leave policy into their human resource plan.

Since the inception of the company back in 2016, paternity leave has been available to Sygnus employees.

Sygnus Real Estate Finance Limited (SRF) has put Guyana on its radar as it explores the potential for investments in the Caribbean.

With over US$170 million in funded deals on its book, Sygnus Credit Investment Limited is looking to nearly double the portfolio to US$300 million over the next three years.

The private provider of credit financing solutions is already running well ahead of target on deals struck – having initially set its goal at US$100 million by 2023. It hit that marker towards the end of 2021.

Key to the new goal of adding US$130 million more to its pile of deals is the ongoing scaling up of its Puerto Rican subsidiary, Acrecent, Sygnus Group Executive Vice-President and Chief Investment Officer Jason Morris said this week at the Sygnus Credit’s annual general meeting. Sygnus Credit is managed by Sygnus Capital.

Sygnus owns 93.66 per cent of Acrecent Financial Corporation, which was acquired for US$23.3 million. Since its purchase, Acrecent’s fixed assets and workforce have been integrated into the operations of Sygnus Credit, which was completed in July 2022, with other elements of the amalgamation set to be finalised in a few months, Morris said.

Sygnus will next seek to expand Acrecent’s footprint in Latin American, in order to tap into a US$100-billion market.

Morris told the Financial Gleaner that US$70 million of the deals currently on the books relates to business done by Acrecent.

He also disclosed that Sygnus has more than US$100 million of prospective deals lined up, referred to as a ‘deal pipeline’, across the English and Dutch Caribbean, and is looking to finance them through quasi-debt or other fundraising.

Morris did not rule out the possibility of a rights issue for Sygnus Credit Investments, which has been listed on the Jamaica Stock Exchange since June 2018, and had its biggest capital raise by way of an additional public offering in December 2021 that scored nearly $4 billion.

Regarding revenue generation, Morris says SCI will be introducing new income streams, which would potentially include acting as a sponsor of new private credit solutions.

“What we can do is to syndicate some of these pipeline deals by bringing in other willing partners, rather than do the deal ourselves. Then we could collect a fee, rather than rely solely on net interest income,” he said.

The company earned annual revenue of US$8.25 million last year, and wants to go beyond US$12.5 million in this fiscal period ending June 2023.

“This is not to say that the target is US$12.5 million; rather, this should be seen as a minimum, so if we get to US$15 million, or even US$18 million, we would be okay with that,” Morris said.

So far, the company’s first-quarter revenue of $2.27 million, when annualised, amounts to US$9 million, which puts Sygnus behind the eight ball on its revenue goal so far.

Profit for the period July-September 2022 improved by eight per cent to US$1.63 million.

Jamaica Gleaner