KLE Group, the operator of Fiction Lounge and Usain Bolt’s Tracks and Records, was officially declared a publicly traded entity on the Junior Market of the Jamaica Stock Exchange this morning at a listing ceremony at the offices of the JSE in Downtown, Kingston.
Marlene Street-Forrest, General Manager at the Jamaica Stock Exchange welcomed the KLE Group to the Junior Market saying it is an exciting addition.
“KLE brings to the market new product offering and we believe this company could stimulate the interest of young investors in the market,” declared Forrest.
The Group’s initial public offering of 27 million shares was oversubscribed when the offer opened at 9 a.m today.
Gary Matalon, CEO of KLE Group, says the KLE brands are sustainable with its business model proven in other economies.
“As we embark on this new phase in our operations we will enlist the support of our extended family, shareholders for the confidence they have demonstrated in the Group. We are committed to expanding our brands to be a premier lifestyle and entertainment company, offering innovative ways to satisfy leisure markets in Jamaica and abroad,” said Matalon.
The KLE Group intends for proceeds of the initial public offering to go toward outfitting a gaming lounge, establishing a boutique Villa Community in Oracabessa, expanding Tracks and Records into Falmouth, opening a new club in Portmore, injecting additional working capital and liquidating debt.