Sygnus IPO by May
Sygnus Credit hopes to launch an initial public offering in a matter of weeks, pending sign-off by market regulators.
"We expect to come to market between the last week of April and the first week of May," said CEO of Sygnus Capital Berisford Grey. "We can't be more definitive, of course, because it depends entirely on the regulators," Grey said cautiously.
Sagicor Investments Jamaica Limited and JN Fund Managers will act as arrangers of the offer, he added.
"We're approaching the main market because there are a lot of institutional investors, including pension funds that are invested with us and they require the kind of liquidity that will allow them to trade freely from time to time," Grey said.
Sygnus Credit raised US$16 million last year, he said.
Silver Airways buys largest Caribbean airline
Florida-based Silver Airways has bought the Caribbean's largest regional airline.
Officials say Puerto Rico-based Seaborne Airlines will operate as a stand-alone subsidiary until the two airlines merge next year. It will continue to serve 12 airports, including those in Puerto Rico and other nearby islands such as Dominica, Anguilla, St.Maarten and Tortola.
Ft Lauderdale-based Silver Airways said Monday that it will operate 31 aircraft as a result of the merger.
Seaborne now operates eight 34-seat Saab 340s and two 15-seat de Havilland Twin Otter seaplanes.