First Look

KLE Group officially declared public traded entity on the Junior Market

Breakthrough Communications | 2012-10-25 00:00:00

The operators of Fiction Lounge and Usain Bolt’s Tracks and Records, KLE Group, was officially declared a public traded entity on the Junior Market of the Jamaica Stock Exchange this morning at a listing ceremony at the offices of the JSE in Downtown, Kingston.

 Marlene Street-Forrest, General Manager at the Jamaica Stock Exchange welcomed the KLE Group to the Junior Market. “I am pleased that KLE has chosen the route of the equities market to raise funds and liquidate debt; all with a view of expanding its operation. KLE will be an exciting addition to the Junior Market.”

 Forrest when on to speak to new interest from young investors with the advent of KLE listing on the Junior Market. “KLE brings to the market new product offering and we believe this Company could stimulate the interest of young investors in the market,” declared Forrest.

 The Group’s initial public offering of 27 million shares was oversubscribed when the offer opened at 9:00 am on Tuesday, October 9.

 Gary Matalon, CEO of KLE Group, spoke to future endeavours of the Group. “KLE brands are quite sustainable and the business model is proven in other economies. As we embark on this new phase in our operations we will enlist the support of our extended family, shareholders for the confidence they have demonstrated in the Group. We are committed to expanding our brands to be a premier lifestyle and entertainment company, offering innovative ways to satisfy leisure markets in Jamaica and abroad,” said Matalon.

 The KLE Group intends for proceeds of the initial public offering to go toward outfitting a gaming lounge, establishing a boutique Villa Community in Oracabessa, expanding Tracks and Records into Falmouth, opening a new club in Portmore, injecting additional working capital and liquidating debt.

 Jermaine Deans, Senior Manager - Asset Management of lead broker – Pan Caribbean Financial Services gave a breakdown of the IPO. “The IPO received 193 applications totalling just over $100 million, more than the $94.6 million KLE had aimed to raise. We are pleased to have offered the necessary support to KLE as they have now completed a feat which will enable the practicality of upcoming plans,” said Deans.

 Pan Caribbean Financial Services Limited is a member of the Sagicor Group and a member of the Jamaica Stock Exchange. In 2012, CariCRIS, the Caribbean’s Regional Credit Rating Agency, reaffirmed

PanCaribbean’s JMA+ credit rating for the 5th consecutive year. PanCaribbean was awarded an unprecedented five Jamaica Stock Exchange Best Practice Awards in 2011, winning first place for Annual Report, Dealers Investor Relations, Dealers Revenue Generation and Market Activity, Corporate Disclosure and Investor Relations and the prestigious Governor General’s Award for Excellence. PanCaribbean was also named Company of the Year (2010) by Investor’s Choice Magazine.

Posted By :Carlette DeLeon

Company Name : Breakthrough Communications

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Company Address : The BHQ Kingston 1D Braemar Avenue Kingston 10, Jamaica

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