Deregistered
Jamaica-based Caribbean real estate investment company Kingston Properties has effected a strategic reorganisation of its group structure in which it has deregistered its St Lucian subsidiary.
In addition, Kingston Properties, which trades under the name KPREIT on the Jamaica Stock Exchange, has transferred 100 per cent of its shareholdings in Kingston Properties (St Lucia) to its wholly owned new subsidiary, KPREIT (St Lucia) Limited.
This subsidiary was incorporated in St Lucia on December 29, 2021. This transfer was effected on January 4, 2022.
Additionally, Kingston Properties (St Lucia) Limited was deregistered from the Registrar of Companies in St Lucia on January 4, 2022 and redomiciled in the Cayman Islands. This was done on the same date as with the name changed to KPREIT (Cayman) Limited.
This results in KPREIT (Cayman) Limited being the direct holder of all investment properties located in the Cayman Islands. Kingston Properties has real estate holdings across the region and in the United States,
The Jamaica Observer reached out to Kingston Properties CEO Kevin Richards who explained that the reorganisation makes much business sense. This is based on the fact that all the assets of Kingston Properties St Lucia were based in the Cayman Islands.
“There is greater ease of doing business now in Cayman with a Caymanian company and by redomiciling the former SLU company (Kingston Properties St Lucia), we did not have to do any property transfers which could have resulted in significant transactions costs,” Richards explained.
In 2021 Kingston Properties profits grew 393 per cent to US$3.02 million relative to US$612,725 in 2020.
The company earned rental income of US$2.98 million, 40 per cent more than the US$2.13 million reported for 2020.
KPREIT has declared a dividend of US$0.0008 payable on April 29, 2022 to shareholders on record as at March 29, 2022. The ex-dividend date is March 28, 2022.
As at December 31, 2021, assets totalled US$50.47 million, 11 per cent more than the US$45.60 million booked as at December 31, 2020.
