Business

The day the MUSIC died

SSL Ventures forges new path on JSE

Wednesday, August 29, 2018

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The last fragment of the C2W Music name was removed on Monday at the Jamaica Stock Exchange (JSE) when the 'MUSIC' ticker name was replaced by “SSLVC'' at a name-change ceremony.

C2W Music Ltd's name was legally changed to SSL Venture Capital (SSLVC) Jamaica Ltd on August 8.

The rescue of C2W Music Ltd was the first of its kind in Jamaica, and the managing director of the JSE Marlene Street Forrest applauded the SSL Group for its collaboration in working with the two regulatory entities – the JSE and FSC (Financial Services Commission of Jamaica) – to ensure that the rescue was successfully executed and adhered to the junior stock exchange rules.

“I know that your shareholders who supported this change will be looking at you for growth. I also know that this will forge a path for the company to grow, mature and to give benefit to the shareholders,” commented Street Forrest.

“The SSL Group is here at the end of the day to stand by our shareholders. What we have done here is taken our poorest-performing investment in the past 10 years, restructured it, and stood by our top 10 shareholders who helped fund the company – and the company is now valued at $800 million based on market capitalisation,” noted Mark Croskery, chairman of SSL Ventures.

The new company, SSL Ventures, will specialise in making private investments in companies that show great promise in regard to revenue growth. It will also focus on SSL Ventures' ability to take these businesses public on the Jamaica Stock Exchange, or divest them (through private sale) to third parties throughout the Caribbean.

Specifically, SSL Ventures will focus on making investments in new businesses that have promising technology, an innovative business concept, or are existing businesses that are seeking rapid growth within their field, the company said via news release.

SSL Ventures will then work with the portfolio companies to grow each one to a level where it is ready for a trade sale or IPO on the Junior Market of the Jamaica Stock Exchange. It is through the successful exit of companies that SSL Ventures will realise returns for its shareholders.

“Today marks the final step in unveiling SSL Ventures, however this is just the beginning. We aim to be a conduit for success to young Jamaican businesses by providing not only vital capital, but business development, corporate governance, as well as guidance,” commented Drew Gray, CEO of SSL Ventures.

Mark Croskery highlighted the vision of the SSL Group – to redirect investments that are leaving Jamaica back into the Jamaican economy through these equity plays.

“There are companies with business plans that are viable and we want to use SSL Ventures as a mechanism to bridge the gap between traditional wealth and emerging wealth – using our credibility to get the money from traditional wealth, that is held in offshore investments, back into Jamaica. There's no better brand than SSL to do this for Jamaican entrepreneurs who get stuck with their capital.”

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