Already a major shareholder, businessman Ian Levy increased his holdings in Supreme Ventures Ltd by purchasing an additional 10 million shares, each valued at $19.
The transaction was effected early Friday morning on the Jamaica Stock Exchange, and the move to spend $190 million, according to Levy, marked a vote of confidence in the current direction of Supreme Ventures.
“I buy shares in other companies too, but my motivation of buying shares in Supreme is obvious for two reasons: I have confidence in the company and the future of the company, and also I have confidence in Jamaica and the future of Jamaica,” stated Levy, who came off the board of Supreme Ventures over a year ago.
Levy is a founding director of Supreme Ventures, which was formed in 1995 by himself, Paul Hoo, the former chairman, and Peter Stewart, now deceased. Levy also served as deputy chairman.
Levy’s move on Friday was hailed by Supreme Ventures’ Executive Chairman Gary Peart as a boost to the efforts of the company, which has faced competition from other players in the lottery business, Supreme’s core function, since earlier this year.
“The purchase demonstrates confidence in the management team strategies and the future direction of Supreme Ventures Group in general,” Peart said.
Supreme Ventures Group has earned the title of premier gaming and entertainment provider in Jamaica and select territories throughout the Caribbean. According to the company, what started out as a vision to operate a successful gaming entity has developed into a broad spectrum of gaming brands and entertainment companies that have been indelibly ingrained in the fabric of the Caribbean, especially in its home country, Jamaica.
Supreme Ventures launched its lottery operations on June 25, 2001 with 28 employees, and started with two games – Lucky 5, and Cash Pot. A third game, Dollaz, began in January 2003. The company now operates 11 games, and also runs the entire horse racing operations at Caymanas Park in St Catherine.