Real Estate

President and co-founder of FirstRock Capital Holdings Limited Ryan Reid (File photo)

First Rock buys acquires another property in Jamaica

President and co-founder of FirstRock Capital Holdings Limited Ryan Reid (File photo)

President and CEO of First Rock Capital Holdings Ryan Reid has confirmed to Caribbean Business Report that the commercial property the company recently closed on is a building belonging to Advanced Integrated Systems.

First Rock Holdings had disclosed in its audited financials, for the year ended March 31, 2021, that it entered into an agreement to purchase the property known as 12-14 Oxford Terrace from Advanced Integrated Systems, for a consideration of US$1.93 million.

(File photo)

Subsequently, the company advised the Jamaica Stock Exchange, in a separate filing, that First Rock Capital Holdings (FIRSTROCK) has “entered into a binding agreement to acquire a commercial property in Cross Roads, St Andrew, Jamaica”

According to the advice, “the total internal square footage of the property is 13,303 and will represent investment property for the Company for lease income”.

Advanced Integrated Systems (AIS) is an IT solutions company founded in 1987, which has since become a leading transaction processing service provider in the health insurance and financial services industries. 

The company boasts a reputation of being the largest processor of online, real-time, and paperless health claims in the region; with a local market share of 100 per cent.

The company has built its reputation on its claims system, PAS, for which the demand is now global. AIS also represents some of the best-known global technologies, including Mckesson, Suvarna, Hypercom, Micros, Konica Minolta, TallyGenicom, NeoPost, Quisk, among others.

CEO Douglas Halsall has been associated with many firsts. The St Ann-born entrepreneur has been responsible for the introduction of computer services to banking, credit union, retail, hospitality and tourism, and health insurance industries; as well as the National Housing Trust. The company has also undertaken the design and implementation of the Government’s current budgetary and accounting system, according to the AIS website.

Caribbean Business Report reached out to Halsall to query the reason for the property sale as well as his new investment plans. However, no response was garnered.