Stanley Motta Ltd, developer of 58 HWT in Kingston, has opened discussions around the expansion of the General Accident building along with use of the complex for residential purpose as sweeteners to investors looking to purchase shares in its initial public offering
.
The offer, which opens today, sees Stanley Motta putting up for sale 757.8 million shares, 69. 9 per cent of which will be available to the general public for subscription. It is priced at $5.31 per share.
Proceeds from the invitation will be payable to Stanley Motta with selling shareholders, Musson and Harbour Street Properties — a subsidiary of Musson intending to use the proceeds from the sale of the shares for their own purposes.
“We don't have any plans [for the General Accident building] at the moment. What we did when we made all our plans was to look at demand. If there is a demand for it at the right time, when leases are up, then we will look at further growth,” chairman of Stanley Motta, Melanie Subratie, told potential investors in response to the growth strategy of Stanley Motta going forward.
She was speaking at an investor briefing on Thursday, organised by lead broker and arranger for the IPO, NCB Capital Markets.
Stanley Motta acquired more than six acres of prime land at 58 Half-Way-Tree Road in Kingston from the Musson Group of Companies either directly or through its own wholly owned subsidiary, Unity Capital, with the exception of the Great House, which was retained by Musson.
No comments:
Post a Comment