Pulse Investments has acquired the Villa Ronai property in Stony Hill for $600 million.
The transaction was completed on April 1, 2021. The nine-acre Villa Ronai estate was previously controlled by Pulse under a 50-year lease.
Pulse acquired the property from Kingsley Cooper the majority shareholder in Pulse, using the proceeds of its recently raised $1.2 billion note from Capital Options Limited.
The company plans to use the remaining funds from the note to pay off debt.
The Villa Ranoi lifestyle village developed by the company over the past 20 years, consists of restaurants, residential apartments, guest suites, and function spaces. Villa Ronai was originally developed by the Ronai family who came to Jamaica from Hungary in the 1940s.
Pulse Investments and Seprod led double-digit gains during Tuesday’s trading on the Jamaica Stock Exchange (JSE).
Pulse gained 12 per cent to close at the $5.17 and Seprod gained 11 per cent to $71.71.
The top declining stock was 138 Student Living, down nine per cent to $17.84 and JSE Stock down eight per cent to $3.64.
The JSE Combined Index advanced by 3,380.71 points (0.88 per cent) to close at 388,428.54.
The JSE Index advanced by 3,864.20 points (1.00 per cent) to close at 390,084.43.
The Junior Market Index declined by 16.72 points (0.61 per cent) to close at 2,745.01 and the JSE USD Equities Index advanced by 3.71 points (1.87 per cent) to close at 201.87.
SSL Ventures, Dolphin Cove, Eppley and Blue Power Group led double-digit gains during Monday’s trading on the Jamaica Stock Exchange (JSE).
SSL Ventures gained 18 per cent to $0.59, Dolphin Cove gained 16 per cent to close at $10.67, Eppley preference shares gained 16 per cent to $7.00, and Blue Power group gained 13 per cent to $3.28.
Leading declines were KLE Group and Consolidated Bakeries down by 15 per cent and 10 per cent respectively.
The JSE Combined Index declined by 451.19 points (0.12 per cent) to close at 390,600 points.
The JSE Index declined by 720.19 points (0.18 per cent) to close at 393,361.05. The JSE Main Jamaican Composite Index declined by 798.73 points (0.18 per cent) to close at 431,249.12. The Junior Market Index advanced by 19.88 points (0.75 per cent) to close at 2,665.33. The JSE USD Equities Index declined by 0.74 points (0.38 per cent) to close at 192.87. The JSE Financial Index declined by 0.17 points (0.17 per cent) to close at 102.20. The JSE M
Pulse Investments has repaid a $250-million bond, arranged by NCB Capital Markets, four years ahead of time.
Bond proceeds were first disbursed in December 2019 and had a five-year tenure. Repayment was effected at the end of the first year.
Pulse continued to post solid performances with both its earnings report for the first quarter, ended September 30, 2020, as well as appreciation in its stock price.
Pulse stock closed the year up 222 per cent from its 2019 year-end. The stock traded then at $1.50 (adjusted for the 4 for 1 stock split that took place in 2020) and closed 2020 at $4.83.
The $250-million bond was used to retire more expensive debt and to complete an extensive refurbishing of the Pulse operated property at Villa Ronai in Stony Hill. Some funds were also used to do preliminary work for the 30 unit Pulse Homes project, the first 15 of which are expected to be completed in 2022.