By Sashell Williams

Supreme Ventures Limited (SVL) has raised J$3 billion (US$20.5 million) through a private bond placement.

A private bond placement is a sale of bonds to pre-selected investors or institutions rather than on the open market.

Speaking with Kalilah Reynolds Media (KRM), Executive Chairman of SVL, Gary Peart, said that the bonds, which became effective on October 31, were issued to multiple pension funds.

Executive Chairman of Supreme Venture Limited, Gary Peart. (Photo contributed)

The bonds will be repaid over five years at an interest rate of 7% each year.

Peart said that the funds will be used to replenish the cash that the company used to invest in several businesses such as Caymanas Park.

He added that a portion of the money will also be used to support the company’s expansion.

“Most of it will be used to replenish the cash that we used to invest in some business and any further expansion activities, some of the cash will be used for that,” he said.

In line with the company’s goal of expanding outside of Jamaica and the Caribbean, SVL began broadcasting the Cash Pot game in South Africa in October, after inking a deal with Aardvark Software Limited.

The company has also stated its intention to be fully digital by the end of 2020. As part of this digital transformation, SVL has relaunched its mobile app following several updates.

According to the company, the redesigned app is expected to provide more entertainment, convenience, and better opportunities for gamers.  

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