LASCO Financial Services Limited's (LASF) Chairman, Lascelles Chin, announced today that Mayberry Investments Limited increased its shareholdings to take a 20 percent stake in his company. This key strategic move will give the company the distinct capabilities to compete more aggressively in the Financial Services Business. LASF's business portfolio includes currency trading, loans, and remittance services.
Mayberry Investments Limited, having increased its holdings to 20 percent of LASF, will see two of its top executives, Gary Peart and Christopher Berry, sitting on LASF's Board. This partnership is expected to enhance the prospects of the companies and enure to the benefit of all stakeholders, as both companies pursue new and exciting opportunities in the Financial Services Industry.
LASF's year end earnings release for March 2015 showed total comprehensive income of $197.9M, 12 percent more than the previous year and net income of $191.2M, eight percent more than March 2014. Its stocks are well traded on the Jamaica Stock Exchange and for 2013, was awarded "Best Performing Company Junior Market" at the JSE Best Practices Awards. The group of companies which is run by Managing Director, Jacinth Hall-Tracey, has a subsidiary in Barbados, LASCO Financial Services (Barbados) Limited, is MoneyGram's largest Caribbean agent, trades among the top ten cambios in Jamaica and offers consumer and micro business loans.
Gary Peart, CEO of Mayberry in commenting on the move by his company stated "Jacinth and her team have made tremendous strides in growing the business and we look forward to partnering with the LASF team to increase the value creating opportunities within the industry."
Mayberry Investments Limited is an authorized Securities Dealer and Cambio Dealer. Its services include asset management, stocks and bonds trading and investment banking.