2 months ago
23
Listed company iCreate, which came to market as a digital and creative operation, is repositioning as an investment holding company with a new name.
Chairman and CEO Tyrone Wilson said the company is now called Kintyre Holdings Jamaica Limited, and that its dealings will be in real estate, food and beverage, other ventures previously undertaken under the rubric of iCreate.
The new name reflects that of another of Wilson’s companies, Kintyre Holdings Limited, which holds a 41.8-per cent stake in iCreate. Wilson controls nearly 63 per cent of iCreate through Kintyre and other means.
“We have more opportunities ahead of us and it’s best not to limit ourselves to the creative field,” Wilson told the Financial Gleaner after securing shareholder approval at the company’s annual general meeting on Wednesday.
“This rebranding signifies our shift towards a broader business focus across multiple sectors, encompassing diverse investments and strategic ventures,” reads the resolution in part.
In 2022, iCreate acquired 51 per cent of GetPaid Group Limited, then secured an agreement for the purchase of the other 49 per cent in August 2023.
Shareholders gave their approval for iCreate to issue 92,876,667 shares “to the shareholders of GetPaid Group Limited and/or their nominees”; another 27,225,000 units to members of the Board of Directors and management as fees and bonuses in lieu of cash; and 23,990,714 shares to individuals and companies that have provided services to iCreate, totalling 144 million new shares.
With the new shares, iCreate’s issued capital will rise from about 949.7 million units to nearly 1.1 billion units.
Its share capital, which was estimated at $587 million in its June financials, has been in breach of the $500 million ceiling for share for junior market companies. However, a new ceiling of $750 million was approved this year.
Wilson said discussions aimed at resolving whether the company should graduate to the main market are ongoing with the Jamaica Stock Exchange.
At the annual meeting, Tyrone Wilson, Larren Peart, Anthony Dunn, Adrian Smith and Donovan White, were returned as directors. On September 9, Dr Nick Rowles-Davies was also appointed to the board.
English (US) ·