Tue | Jan 28, 2020

James transfers Access shares to holding company

Published:Wednesday | March 11, 2015 | 12:00 AM

Marcus James, CEO of Access Financial Services Limited, says a week-old transaction involving some 112.4 million shares in the company was a transfer of his personal holdings to a new corporate vehicle and not a change of ownership.

The transaction had been disclosed on the Jamaica Stock Exchange as a purchase of shares by a related party.

The March 2 transaction represented shareholdings of 40.95 per cent, valued at $1.08 billion or $9.60 per share on the day of the transfer.

James declined to name the company to which his interest in Access is now held, nor would he say the reason for the switch.

"My personal holdings were transferred into a corporate entity, a business. It's just a change on my personal portfolio management; it's just a re-organisation of my personal holdings," he told Wednesday Business.

James is currently the second-largest shareholder in Access Financial, a microfinancing company that he founded.

Proven Investments Limited is the top shareholder with a plurality of shares representing 49.27 per cent ownership as at December 2014, when it acquired the stake held by Mayberry.