Tuesday 19 March, 2019

Proven acquires 20 per cent stake in Dream Entertainment

Proven Investments has acquired a 20 per cent stake in event organiser, Dream Entertainment.

In a notice on the Jamaica Stock Exchange, Proven said the acquisition will help generate dividend income and that it aligns with its core investment strategy within the real sector.

“Our focus remains precise and where we see performance and opportunities that align with our financial goals, we are sure to explore and undertake them,” said Christopher Williams, President and CEO of PROVEN Management, the management company for PROVEN.

Christopher Williams, President and CEO of PROVEN Management

“We have seen the impact Dream, through its entertainment brands, has had on our economy and we are proponents of the multiplier effects the entertainment business has brought to tourism and the Jamaican economy. This is another of our investments that support a diversified revenue stream and we look forward to realising the success of this enterprising partnership,” Williams said in a release.

Dream Entertainment will now be characterized as an associate company of Proven.

For his part, Managing Director of Dream Entertainment, Scott Dunn said the partnership with Proven will ensure the firm remains relevant within the entertainment industry but viable in its business performance.

Managing Director of Dream Entertainment, Scott Dunn

“Having a partner such as PROVEN shows the stern nature of our business, and solidifies our team’s efforts in ensuring that we not only remain relevant within the industry but viable in our business’ performance.  We look forward to this partnership.”

Christopher Yeung, Head of Treasury and Corporate Finance is the PROVEN Director appointed to the Board of Dream Entertainment Limited.

Dream Weekend’s signature events include Dream Weekend, Xodus Carnival, Dream Weekend Cruise and The Cooler Weekend.

With eight years of operation, Proven Investments Limited main investment strategies are in private equity; tradeable securities and real estate. Currently, its diversified private equity holdings are Proven Wealth Limited; Proven Fund Management Limited; Access Financial Services; BOSLIL Bank Limited; Proven REIT and International Financial Planning Limited, and most recently, JMMB Group.

 

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