KIW rises from ashes set to relist

KIW international holds its annual general meeting on Wednesday 18. The company that was previously listed on the Jamaica Stock Exchange is planning to seek relisting by 2018.
In preparation of relisting the company is recommending a 15 to 1 stock bonus for approval at the general meeting to facilitate the issued capital reaching just over $50 million. If approved, the resultant effect is for the number of issued shares to increase from just under 16 million units, to 255.45 million shares.
In addition, the directors approved a dividend payment of 60 cents per share to cost approximately $10 million and payable later in the year.
The company suffered from liquidity problems in the 1990s, but gradually clawed its way back with a combination of moderate rental income from leasing the property at Spanish Town Road and in more recent years, income and gains from a growing investment portfolio.
Internal results show a profit of $24 million to March 2017 compared to $31 million in 2016 as gains on investments slipped in 2017 to $21 million from $28 million previously.
The Company is estimated to have assets of approximately $220 million at March this year. The assets include Jamaica Stock Exchange listed stocks, valued around $65 million and benefited from growth in portfolio from $13 million in 2013.
In April the Government of Jamaica sold their interest of approximately 43 percent in the company to Jamaica Teas.
Subsequent to the acquisition of the above shares the board was expanded and reviewed the options for continued ownership of the property at 138 Spanish Town Road. A decision was made to dispose of the property, having received an attractive offer. The proceeds of the sale are expected to be put into investments as the company embarks on a deeper involvement in the investment arena.
The directors of KIW are John Jackson, Chairman, John Mahfood, CEO of Jamaican Teas, Kemillee Mclymont, Attorney at law, Karl Wright, former president of Victoria Mutual Building Society and David Stephens CEO of Apex Perimeter Protection Ltd.