Pulse Investments will be constructing a new development named Pulse Homes in the Villa Ronai Valley, St Andrew, executive chairman Kingsley Cooper has revealed.
The disclosure follows a Jamaica Stock Exchange notice that Pulse had issued a global note on December 13, 2019, raising $250 million pursuant to the issue.
The company indicated that the funds will be used to retire existing debt and to support the company’s working capital. The bond was arranged and brokered by NCB Capital Markets.
Cooper told Loop News on Friday that the proceeds will also be applied to expansion projects underway.
“We are now completing suites at Villa Ronai. Part of the funds raised will support these efforts, as well as strengthen working capital. New projects are being planned, including Pulse Homes in the Villa Ronai valley, etc. Preparatory work is scheduled for 2020,” Cooper said.
Pulse Homes, he said, is residential but further details are not currently available.
Pulse Investments, trading in the island since 1993, is controlled by the executive chairman. The principal activities of the company are model agency representation, multi-media production, marketing, show production and promotion, and sub-letting of leasehold properties.
It is now expanding its real estate portfolio.
The fund raising with NCB Capital Markets follows the cancellation by the company of previous plans to raise money via a rights issue.
With plans to tap the accommodations sector, the company has been investing in construction of new rooms and expansion of its Villa Ronai operations.
“Villa Ronai is nine acres, so we have sufficient land,” Cooper said, noting that new hospitality suites and residential units will have sufficient space.
Pulse, which more than doubled profits at year ending June, saw net profit moving 116 percent to $653 million, earned on revenue that passed $1 billion for the first time.
Revenue expanded for media content production and distribution and property rentals. The company also saw new inflows in the expanded hospitality sector in the year ended.
During the year Pulse Rooms at Thirty Eight, a 20-room boutique operation on Trafalgar Road in Kingston came on stream.
The company’s other hospitality property, Villa Ronai, which targets holidayers, is undergoing expansion.
Pulse Model Management also contributed as did advertising deals in the year.
At year-end June total company assets climbed to $3.65 billion, up from $2.9 billion in June 2018.
The company’s shares are listed on the main market of the Jamaica Stock Exchange, closing at $4.41 per unit on December 20.