It seems so long ago that the investor of hotel properties, Ciboney was a household name in Jamaica. The out-of-business company has yet to recover from falling into debt despite selling off the majority of its assets to fulfil its debt obligations.
Ciboney’s primary asset, a 6.56 hectares of beachfront property in Westmoreland valued at approximately J$250 million, was recently sold to Green Forest Limited for J$249 million.
FINSAC, who owns 72%, has held on to the Culloden property in the hopes that the company or property will catch the eye of no doubt aggressive investors, despite the rising debt levels.
According to the Group’s August 2017 statements, the company’s net current liabilities have increased by 9.44%, while assets have declined by 7.4% when compared to the same period last year, respectively.
While it remains unclear what Green Forest Limited plans to do with the property, my bet is on villas, the question remains.
Should we be expecting a delisting from the Jamaica Stock Exchange in 2018?
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