Shares sold to Yes Iyah Limited, a Jamaican private company

Regional investment outfit, Proven Investments sold its entire interest in entertainment company, Dream Entertainment Limited, as it exited the event organiser last month.

The departure comes two year after Proven acquired a 20 per cent stake in Dream Entertainment.

Proven has advised the Jamaica Stock Exchange, where its shares are traded, that it entered into an agreement with Yes Iyah Limited on July 9, 2021, whereby it agreed to exit its 20 per cent investment in Dream Entertainment Limited and transfer its entire shareholding to Yes Iyah Limited.

Yes Iyah Limited is a Jamaican private company whose directors and principals are entrepreneur, Ryan Reid; medical doctor, Michael Banbury and attorney, Sean Shelton.

Proven has advised that the transaction has now been completed.

When Our Today contacted Proven’s president and CEO Chris Williams today (September 6), enquiring whether there was any connection between the departure of his company from Dream Entertainment and the recent staging of the popular Dream Weekend parties in Negril and the negative publicity linking the staging of the event from August 5-7, 2021 to the rise in COVID-19 cases in Jamaica thereafter, his response was to the contrary.

Deal was consummated long before Dream Weekend Negril 2021 edition

Williams explained that the deal to see its 20 per cent equity interest sold to Yes Iyah  took place long before the staging of this year’s Dream Weekend adding that the deal was complete from as far back as mid-June. The transaction was signed off on in July, weeks before Dream Weekend’s 2021 edition in Negril.

At the time of Proven’s 20 per cent acquisition of Dream Weekend back in February 2019, Williams said the investment would help generate dividend income and that it aligned with the company’s 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,” Williams said in a press release announcing the purchase of the equity in Dream Weekend.

He had added: “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.”

Dream Weekend’s signature events include Dream Weekend, Xodus Carnival, Dream Weekend Cruise and The Cooler Weekend. The company recently hosted a Dream Weekend edition in New York  from August 28-30, 2021.