Shareholders in Kingston Properties Limited (KPREIT) are to vote on two resolutions on February 23, which would pave the way for the company’s much anticipated Additional Public Offer (APO) of shares.

An Emergency General Meeting (EGM) has been called for February 23 at the Knutsford Court Hotel, Leeward Suit commencing at 10:00 am at which time the resolutions would be voted on by shareholders.

If passed the APO, which was initially planned for last year could be opened as soon as the end of March.

The first resolution seeks shareholders’ approval for doubling the number of ordinary shares in the real estate development outfit, as a prelude to going to the market with an APO to raise funds to expand the company’s real estate portfolio and acquisitions.

The board has recommended and is seeking the shareholders’ approval to take the maximum number of authorized shares in the company from one billion to two billion shares. The second resolution authorizes the management to substantially increase the equity base of the company, which will facilitate its return to the equities market to raise funding through the planned APO.

KPREIT is set to become the fifth company to raise additional capital in recent time through an APO offer. The others being Proven Investments Limited, Barita Investments Limited, Derrimon Trading and Sygnus Credit Investments.

The company has, among its objectives, a target of one million square feet of real estate under management. Since the start of 2020, KPREIT has purchased an 88,000 square foot warehouse property on four acres of land in Kingston’s industrial belt and also Harbour Centre, a multi-story office building in the Cayman Islands.