SVL exits forex market
Published:Wednesday | January 4, 2012 | 12:00 AM
Supreme Ventures Limited (SVL) surrendered its cambio licence on Wednesday, formally bringing an end to its trading in foreign currency after reaching an agreement to sell its business to Lasco Financial in November for some J$40 million.
SVL formerly operated its MoneyGram remittance business through subsidiary company Supreme Ventures Financial Services Limited, with outlets in Kingston, Spanish Town, May Pen, Savanna-la-mar in Westmoreland and Montego Bay, St James.
In a move to refocus on its core business of gaming, SVL opted to divest that side of its operations to Lasco.
In the meantime, with the acquisition, Lasco Financial said its revenues are expected to jump by some 40 per cent while its MoneyGram remittance locations have doubled to 155.
In 2010 SVL earned J$81 million in revenue from its MoneyGram operations.