One of Kingston Properties units at Red Hills Rd, Kingston
The Rights Issue which opened on Wednesday, July 22 closed on Friday; August 7, 2015 after an extension by a week. The company stated that there were over one hundred (100) subscribers to the issue.
The plan was that the issue would raise at least $954 million from the 136,271,694 units on offer at $7 each. The amount raised more than doubled the issued share capital that was just over 68 million shares, moving it to 160 million units and the overall equity base to $1.5 billion.
KPREIT reports currently owning fifteen units in the Miami Loft II condominium building, as well as a nineteen unit residential complex in South Florida and an office and warehouse complex in Jamaica. The company will use the proceeds to pursue expansion plans in various real estate markets in the United States and Caribbean countries.
The company is yet to release the second quarter results. For the first quarter, rental income of $25.6 million was recorded versus $25 million in the prior year, with profit before tax of $2.9 million compared to a loss $680,000 in 2014 and total comprehensive income came in at $12.3 million for the March 2015 quarter versus $18.2 million in 2014.
[…] Stock Exchange traded 200,527 shares at $14, JMMB Group traded 14,219 shares to close at $11, Kingston Properties traded 46,695 units to close at $7. Mayberry Investments closed with 67,016 units trading at $4.40 […]