MFS Capital seeks buyers for its subsidaries Loop Jamaica

The content originally appeared on: Jamaica News Loop News

Listed investment firm MFS Capital Partners Ltd, said that it wants to sell its two dormant subsidiaries after the group inked a loss of $9.2 million compared to a profit of half a million dollars a year earlier.

On the buy side, the company plans to complete its acquisition of a microlending firm.

“Presently, the company is negotiating with potential buyers regarding the sale of its two dormant subsidiaries: Bar Central Limited and Muse 360 Limited,” said its financials.

MFS Capital Partners, led by CEO Dino Hinds, will provide a final update on acquiring Microfinancing Solutions Limited.

Bar Central provided bar and bartender services to third-party events. Muse 360 provided film production and equipment services for advertisers and filmmakers.

It wasn’t clear the assets that these subsidiaries still hold. But the group holds more liabilities at $114 million than assets at $56.7 million to December.

In mid-2022 investors acquired 79 per cent of the company previously owned by Stock and Securities Limited.

An Extraordinary General Meeting (EGM) was later convened, where shareholders approved a name change, transitioning from SSL Venture Capital Jamaica Limited to MFS Capital Partners Limited, effective August 2022.