Phillip Armstrong, PCFS vice-president ... MCIS no longer fits with core business. - File

Pan Caribbean Financial Services Limited (PCFS) has now fully divested its interest in Manufacturers Credit & Information Services Limited (MCIS), selling its 25 per cent share to Management Control Systems, a subsidiary operation of Jamaica National Building Society.

The June 10 transaction was valued at $78 million.

MCIS which provides motor vehicle-related services in the form of its advance gas cards to company fleets, was formerly 100 per cent owned by PCFS up to 2005 when it sold 75 per cent to Jamaica National.

"We took the decision to divest MCIS as it was not a part of our core business," said Philip Armstrong, senior vice-president, capital markets at PCFS.

Started within a year

PCFS acquired MCIS following the merger of the PanCaribbean and Manufacturers Sigma in 2004 and within a year started the divestment of the company to JNBS, whose portfolio of companies also include Jamaica Automobile Association.

"It provides a better fit with the operations of Jamaica National and they have seen the type of synergies that can be created by owing this entity," remarked Henry Pratt, general manager of Pan Caribbean Merchant Bank, which this week began making its transition to a commercial bank.

Management Control Systems Limited (MC Systems), created in 1973, is a provider of information technology solutions and services to private and public sector companies.

sabrina.gordon@gleanerjm.com