Proven Investments Buys First Global Financial Services Ltd For Over J$3 billion. Will Change Its Name.

April 24, 2014

The GraceKennedy Group CEO, Don Wehby, has announced that subsidiary, First Global Holdings Limited (FGH), has entered into an agreement dated April 24, 2014 for the sale of its 100% shareholding in First Global Financial Services Limited (“FGFS”) to Proven Investments Limited (“Proven”), subject to regulatory approval with a transaction value of over J$3.05 billion. Proven will change the name of the company on completion of the sale.

Mr. Wehby, said that the decision to divest FGFS was a strategic one which would see the Group reallocating capital in line with its long term strategic objectives further enhancing the Group’s cash reserves to drive our growth plans including acquisitions. Growth plans include further investment to expand First Global Bank in Jamaica and the Group’s financial services regionally.

The transaction is a share sale and will involve the transfer of all business lines. However, the GraceKennedy Group will, subject to regulatory approvals as required, retain the Jamaica Stock Exchange licence.

FGFS President, Steven Whittingham, will remain in a senior position within the GraceKennedy Group.

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