AUGUST 30, 2024
PRESS RELEASE
FOR IMMEDIATE RELEASE
SYGNUS AND MEGA MART SUPPORT MUNRO COLLEGE’S REBUILDING EFFORTS AND ST. ELIZABETH FAMILIES THROUGH ROOF REPAIRS
(Kingston, Jamaica) – In response to the devastating effects of Hurricane Beryl, Sygnus has stepped forward with vital contributions to support various recovery efforts. The hurricane left a trail of destruction, particularly in the parish of St. Elizabeth. Partnering with MegaMart, Sygnus has provided critical assistance to Munro College and severely impacted communities in St. Elizabeth. Sygnus has also extended its support to the Food for the Poor’s (FFTP) relief initiative.
The alternative investments company has donated J$5 million to Food for the Poor, bolstering their roofing initiative aimed at repairing homes and providing shelter for over 20 families left in need by the storm. Susan Moore, Director of Projects and Social Intervention at Food for the Poor Jamaica, shared, “As we continue to navigate the path to recovery and restoration following the devastating effects of Hurricane Beryl, it is truly a blessing to have partners such as Sygnus come on board in such a tangible and meaningful way. From the assessments we have done, we recognise that many persons are still displaced, unsettled, and distressed. Therefore, this donation will help us to better serve those persons and address those unmet needs, through a targeted approach. The reality is, the only way for us to respond, rebuild, and restore is by having the funding to do so. Hence, we applaud and thank Sygnus for this timely support that has breathed life into our efforts, and we look forward to strengthening this partnership, which is a testament to the power of collaboration.”
In addition to supporting FFTP, Sygnus, in collaboration with MegaMart, provided crucial aid to Munro College, one of Jamaica’s esteemed secondary education institutions, where some members of the Sygnus and Megamart teams are alumni. The school sustained approximately J$300 million in damages, with 31 of its 35 structures severely impacted. As a result, the reopening of Munro College will be delayed to allow for necessary repairs.
Mark Smith, Principal of the all-boys institution, provided details on the damages and expressed gratitude to Sygnus and MegaMart for their support. “The school sustained significant damage to infrastructure, including roofs, windows, and electrical lines. Nonetheless, we are thankful that despite the levels of damage observed, we have no loss of life, so we have to give God thanks for that. As we prepare for the upcoming school term, one of the critical things we have to do is to ensure that we are able to open for September. Our mantra now is ‘Build Back Better, Stronger Than Before’, and that is what we are using to rally our Old Boys fraternity, students, parents and staff, towards ensuring Munro College rises from all of this like a phoenix from the ashes.” He continued, “I would like to extend tremendous thanks to Sygnus and MegaMart for the show of support, not only in terms of words and great sentiment but actually writing a cheque to support the effort.”
Beyond financial contributions, Sygnus has demonstrated a hands-on commitment by partnering with MegaMart to distribute care packages to the Alligator Pond community and areas in the Munro region. Sygnus team members also united in their efforts, providing monetary donations and contributing essential items for the care packages. These packages included water, non-perishable food items, mosquito repellents, and hygiene products, addressing the immediate needs of those most affected by the hurricane. The team went a step further by spending time in the communities, directly engaging with residents affected by the hurricane, offering support, and providing a listening ear to those affected by the hurricane.
Elizabeth James, Vice President and Head of Wealth and Client Strategy at Sygnus, was among the team members who ventured into the affected communities. She notes, “At Sygnus, we believe in taking decisive action to support our communities, especially in times of need. This initiative reflects our commitment to making a tangible difference in the lives of Jamaicans affected by Hurricane Beryl. It’s about fulfilling our duty as a part of the Jamaican community— it’s about being there for our fellow Jamaicans, standing by them in times of adversity, and helping to rebuild what has been lost. We are proud to partner with MegaMart and Food for the Poor in these efforts, and we will continue to support those in need as they work to recover and rebuild,” shared Elizabeth James, Vice President and Head of Wealth and Client Strategy at Sygnus.
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About Sygnus
Sygnus is a leading alternative investment firm in the Caribbean and Latin America, dedicated to driving economic development across the region through creative and innovative financing solutions. By offering a range of investment alternatives, including private credit, real estate financing, and private equity, Sygnus addresses unmet demands, unlocking capital for growing enterprises and playing a pivotal role in regional economic growth. The cutting-edge alternative investment (AI) platform is fueled by transformative strategies designed to accelerate development across the Caribbean and Latin America. This platform is backed by a team of forward-thinking experts who craft tailored solutions for our clients, complemented by dedicated investment banking and wealth management services. Sygnus also provides specialised services in Puerto Rico through Sygnus Capital PR LLC, formerly known as Acrecent Financial. As of December 2023, the company expanded its offerings, reaffirming its commitment to delivering innovative and personalised financing solutions that foster the island’s economic growth.
