Proven Investments Limited (PROVEN) has advised that on March 16, 2021, the Company entered into a Share Purchase Agreement with Fidelity Bank & Trust International Limited (a company incorporated in the Commonwealth of The Bahamas) to acquire the entire issued share capital (Shares) of Fidelity Bank (Cayman) Limited (FBCL), conditional on receiving approval by the Cayman Islands Monetary Authority.
“The purchase price for the Shares will be determined in accordance with the terms of the aforementioned Share Purchase Agreement and it is proposed that Completion (as defined in the Share Purchase Agreement) will take place before 5:00 pm on the last Business Day of the month subsequent to the month in which all Conditions (as defined in the Share Purchase Agreement) have been satisfied, provided that the Conditions have been satisfied on or before June 30, 2021 (or such other extended longstop date as provided for by the terms of the Share Purchase Agreement).
“FBCL is a financial services company incorporated in the Cayman Islands and is licensed with the Cayman Islands Monetary Authority under the Bank and Trust Companies Act as a Category A Bank to carry on banking business in the Cayman Islands.
“The proposed acquisition of the Shares is aligned with [PROVEN’s] strategy of regional growth through acquisitions in the regulated sector throughout the Caribbean and Latin American regions, with a view to increasing value to its shareholders,” advised PROVEN.
