Proven Rights Issue Raises US$10m

Proven Rights Issue Raises US$10m

Proven Investments Limited has raised US$10.3 million (J$1.13b) from its rights issue.

Shareholders were allowed an additional share for every four units held at a price of US$0.14, a discount on the current market price of US$0.18.

Proven is currently executing several growth-related plans via its real estate division and its asset management operation.

Its most recent was a deal to acquire 100 per cent of First Global Financial Services Limited for $3 billion from conglomerate GraceKennedy Limited.

The company, through subsidiary Proven REIT Limited, is pursuing its first residential real estate development at Kingsway in Kingston and has said it is negotiating property purchases in the Caribbean.

The renounceable rights issue got 341 applications, which Proven said was a sign of faith in the operation by its shareholders.

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