Kingston Properties shareholders to vote on APO at February 23 EGM

Shareholders in Kingston Properties Limited (KPREIT) are set to vote on the company’s planned additional public offering (APO) of shares at an emergency general meeting (EGM) called for February 23.

The EGM is to be held at the Knutford Court Hotel, Leeward Suite, commencing at 10:00 am. The meeting was called for shareholders to vote on two resolutions paving the way for the APO, which 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 authorised shares in the company from one billion to two billion shares.

The second resolution 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.

Since the start of 2020, KPREIT has purchased a 88,000-square-foot warehouse property on four acres of land in Kingston’s industrial belt and also Harbour Centre, a multi-storey office building in the Cayman Islands.