By Durrant Pate/ Contributor

Creative and media company iCreate will be investing in the British Virgin Islands (BVI) in the hospitality and tourism service sector.

iCreate, which will soon be branded as Kintyre Holdings JA, has already signed a letter of intent to invest in MVL, an operator of Beach Club Resorts, Restaurants and Lounge in the BVI. The Tyrone Wilson-led company plans to acquire a 20 per cent stake in the BVI company, further expanding its reach in the tourism and hospitality space, having already owned an asset in that space in Jamaica.

This investment will provide iCreate with common shares that include full voting rights and an entitlement to any dividends declared by the entity. MVL is a profitable company with strong cash flows and is actively seeking to expand its operations. 

Completion of this transaction is subject to satisfactory due diligence, including a further review of MVL financial statements, asset valuations and legal documentation.

The finalisation of the investment will be contingent upon the execution of a definitive share purchase agreement between the parties, when the agreed purchase price will be disclosed. 

iCreate currently has two similar acquisitions in the pipeline: the acquisition of a 51 per cent interest in Parallel Real Estate Ventures for US$2.2 million, and a 20 per cent stake in Sevens Restaurant. It also has plans for the 100 per cent acquisition of its associate GetPaid.

Regarding iCreate’s aggressive growth thrust through acquisition, Wilson during the recently held annual general meeting said that the aggressive growth strategy being pursued will allow the company “to pursue new opportunities in various high-growth sectors.”