Shareholders approved two crucial resolutions at Tuesday’s emergency general meeting of shareholders in Kingston Properties Limited (KPREIT) have cleared the way for the company’s much anticipated additional public offer (APO) of shares. 

This came as the shareholders approved two crucial resolutions at the company’s emergency general meeting (EGM) on Tuesday, February 23, thus paving the way for the APO, which is to raise funds to expand the company’s real estate portfolio. The APO, which was initially planned for last year could be opened as soon as the end of March. 

The first resolution approved called for a doubling of the number of ordinary shares in the real estate development company from the maximum one billion to two billion shares. This is being done as a prelude to going to the market with the planned APO. The second resolution approved authorises 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. KPREIT has among its objectives, a target of one million square feet of real estate under management. Since the start of 2020, the real estate company has purchased an 88,000 square foot warehouse property on four acres of land in Kingston’s industrial belt. This, is in addition to the purchase of the Harbour Centre, a multi-story office building in the Cayman Islands