Dolla wants Access Financial Services
Published:Friday | August 12, 2022 | 9:50 AMNeville Graham - Business Reporter
Dolla Financial Services Limited is launching a bid to acquire rival microlender Access Financial Services.
Dolla Financial CEO Kadeen Mairs has written to Access' board of directors saying they are "interested in exploring a take-over to acquire full control of Access”.
Dolla is a newly listed mircolender that was founded in 2017 and began trading on the junior market of the Jamaica Stock Exchange two months ago on June 14.
It has eight branches in Jamaica and one in Guyana
Access Financial has traded on the junior exchange since October 2009 and has a current market value of $5.27 billion or $19.21 per share.
It operates 15 branches and has holdings in Jamaica and Florida.
In its correspondence to Access Financial, Dolla has requested that both parties proceed to “confidential exploratory discussions” and proposed that they enter a non-disclosure agreement to cover the likely discussions.
Dolla has given Access Financial until August 16 to respond to its expression of interest.
Mairs and Access Financial Executive Chairman Marcus James both declined requests for comment. James, the founder of Access Financial, confirmed however that he was in receipt of Dolla's correspondence.
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