MUSIC promoter Josef Bogdanovich now owns the largest shareholdings in the Kingston Live Entertainment (KLE) Group.

It’s part of an overall strategy to allow Bogdanovich to leverage his contacts and wealth to grow the brand.

“It should help us to achieve our vison sooner,” said Gary Matalon, the former largest shareholder of KLE, which aims to be an international entertainment group.

“He has about 23 per cent of the shareholding and I have 16 per cent,” said Matalon, the CEO of the KLE Group, in an interview with the Jamaica Observer at the Tracks & Records in Kingston yesterday.

In July, Bogdanovich acquired 7.1 million shares from director Craig Powell, then in September acquired 8.1 million shares from director Kevin Bourke and 5.9 million shares from director Zuar Ard Jarrett , said Matalon. All directors still hold some shares following the sale.

“Based on his contacts and experience over the years, it’s an honour to work with someone like that,” he said. Part of that contact list involves the group possibly hosting one of the world’s most known sportsmen, later this year.

“We can’t even pay for his jet fuel,” he said of the unnamed sportsman. “But Joe’s contacts are incredible.”

Bogdanovich aims to capitalise on the company’s growth prospects based on Usain Bolt’s Tracks & Records’ franchise opportunities in New York, USA and Montego Bay, Jamaica.

Bogdanovich is a co-partner in the staging of the annual show, Sting.

He also operates Downsound Records — a popular studio that produces Ninjaman, Specialist and other deejays. He also traded commodities and is said to be part heir to a sizeable stake in the Heinz empire. Downsound Records indicated that Bogdanovich declined to comment up to press.

The sale of shares represents the largest block transactions since listing on the Junior Market in 2012.

“His initial interest was on Famous nightclub then he became interested in the overall KLE Group because of our intention to franchise the Tracks & Records brand. Then he said that he wanted to be involved in everything,” Matalon explained. “In order for us to execute our [partnership] he wanted to ensure that he has a meaningful stake.”

Matalon still holds 13.6 million KLE shares, the second largest of the 100 million outstanding. Also, the shares controlled by sprinter Usain Bolt via Sherwood Holdings remain unchanged at 6.7 million units.

KLE’s stock price lost ground over 52 weeks from $1.61 to $1 up to Monday.

The stock suffered from quarterly losses but also from an otherwise depressed stock market.

“Expect announcements in the coming weeks,” Matalon said on new revenue measures.

KLE operates Fiction, Famous Night Club and Usain Bolt’s Tracks & Records. It recorded a $12.6-million loss for the March quarter compared with a $17.2-million loss a year earlier. In addition to restructuring, the business has focused on its franchising model for Tracks & Records.

Matalon responded when asked why Bogdanovich would invest in a loss-making venture: “The KLE potential is huge. I do not know many other companies that can export and earn foreign exchange today [as a franchise] and for the past three years we have been develiping the franchise model”.

KLE now operates Fiction night club in a joint venture partnership through which KLE owns a 40 per cent stake, Matalon indicated.

KLE Group, in its initial public offering, raised $94 million.