By Ayanna Kirton, Freelance WriterSUPREME VENTURES (SVL) has become Jamaica's leading gaming company with the acquisition of the Jamaica Lottery Company (JLC).
Yesterday, during a visit to the JLC's headquarters on Retirement Crescent, St. Andrew, former chairman of the JLC, Howard Mitchell, handed over control of the company to Paul Hoo, SVL's deputy chairman, and Brian George, president and CEO.
The acquisition of majority shares in the JLC by Supreme Ventures was completed on December 18 last year and a new board of directors was appointed and executive authority was transferred to SVL.
The new board of directors of the JLC includes: Peter Stewart, chairman of SVL who has been appointed chairman of the new board; while Paul Hoo, deputy chairman and currently acting chairman of SVL, will also retain the same titles on the JLC board. Brian George, Paul Mouett and John Graham complete the directorship.
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Mr. Mitchell said SVL's acquisition of the JLC represented a culmination of market forces at work. He said that although the JLC was in good financial standing when it was acquired, "every commodity has a price." The former chairman of the JLC said SVL presented the lottery company with a favourable offer and remained confident that the consolidation would have a positive impact on the gaming industry. The Jamaica Lottery Company's gross revenues for 2003 amounted to $2 billion while Supreme Ventures' gross earnings were $12 billion.
Late last year, in his capacity as chairman of the JLC, Mr. Mitchell announced the company's commitment to go public. However, since its acquisition by SVL, the new directors have said that the decision will be under consideration after careful examination of whether being traded as a public entity would be in the best interest of the company.
The directors were unable to comment on future changes to the management structure of the JLC but said all operational and administrative management processes would remain unchanged for the time being. The JLC employs 75 persons while SVL has about 160 employees, including service agents.
