Securing shareholder approval this week to carry through a name change, the directors of Kintyre Holdings (JA) Limited (formerly iCreate Limited) is now on the move to grow its new investment holding company through a number of acquisitions being lined up.

Following the passing of a resolution at the annual general meeting (AGM) held at the AC Hotel in Kingston on Wednesday, the newly rebranded operation is set to take over as the parent of subsidiaries iCreate Institute, Visual Vibe, and Get Paid and sees the business transition from being a digital and creative training entity, as when it operated as iCreate, into a diversified investment holding company.

Kintyre, which is to be identified by a new logo and tag line (See. Believe. Achieve), the directors said will align with an expanded vision and long-term growth strategy aimed at creating value across a range of industries, encompassing diverse investments and strategic ventures.

Apprising shareholders of the latest plans, chairman, president, and CEO Tyrone Wilson said the outlook is for the company to become a global one, operating across a diverse mix of industries in areas such as real estate and food and beverage.

Already having a footing in real estate holdings through its Parallel Real Estate Development Ventures affiliate, the company, following the passing of another resolution at the AGM, will be moving to acquire a 51 per cent stake in that entity for $325.5 million backed by the exchange of shares.

Parallel, which is the developer of ‘The Chalet’ an initial eight-unit residential development in St Ann, has plans to increase the number of units to 26.

“Additionally, we have a partnership that consists of a development in Kingston, which is a mixed-use, more commercial type project which we will announce later once all steps are finalised. Parallell is a fully operational entity in which we have invested over US$1 million through equity that we have raised from partners,” Wilson said as he outlined plans under the real estate portfolio.

Advancing efforts to also enter the hospitality and leisure sector, the president and CEO said steps are now being taken to acquire a 20 per cent stake in Sevens Restaurant Limited for $25 million, also through shares.

Sevens Ultra Lounge, a two-year-old food and beverage entity located at 7th Avenue Plaza along Constant Spring Road in St Andrew currently caters to evening dining, but the directors see greater growth opportunities in refining its operation to include lunchtime and other new options along with the re-launch of its new look ahead of the busy Christmas season.

“This is an entity we are excited about, because this business, which opens at 5:00 pm each day has been generating revenues of over $80 million annually. We are now working with the owners of the business as we look at ways to expand it locally and in other countries outside of Jamaica,” Wilson said.

“Before Kintyre Holdings, iCreate was on an aggressive merger and acquisition path which led us to acquire Visual Vibe, Get Paid, and also to get in on a number of other partnerships in real estate. With our rebrand we’ve decided to take this a bit further as we go fully in as a financial services and investment holding company, because we believe the talent we have from the board to the management level has the capabilities to play a deeper role in several sectors across Jamaica and the world, so we’re taking Kintyre Holdings global and that is the plan,” he further noted, indicating that the team remains very active in seeking out opportunities to build-out the investment portfolio.

“We have multiple partners in several countries that we’re now working with to make additional acquisitions in the British Virgin Islands and even as far as Dubai as we look to move this business in a new direction as a diversified investment company,” Wilson said.

Kintyre’s management team, aside from Wilson, now comprises Chief Financial Officer Andrew Wildish and Rochelle Burnett as chief operating officer. Its board alongside the chairman is made up of the likes of Donovan White, Anthony Dunn, Larren Peart, Adrian Smith, and Nick Rowles-Davies who is chairman of the investment and corporate governance committees. Other members of the team include Colando Hutchinson, mentor, and Jahmar Clarke, company secretary.

During the last financial year ended December 31, 2023 iCreate Limited reported revenues of $160.3 million, with a loss of $153.9 million and total assets of $709 million.

Still unclear about what the next step will be since outgrowing its $500-million capital limit, the chairman said the company in the interim will continue to operate on the junior market pending the finalisation and approval of some regulatory and management decisions.

“We have already written to the Jamaica Stock Exchange (JSE) opting to remain on the junior market before the passing of these latest resolutions, but [notwithstanding] this, the board in moving forward will continue to have discussions and afterwards again write to the JSE as to what our next plan will be,” the chairman said.