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Bogdanovich says KLE acquisition was strategic move

Published:Thursday | July 24, 2014 | 12:00 AM
KLE Group CEO Gary Matalon. - File photos
Joe Bogdanovich
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Davina Henry, Staff Reporter

Despite being named one of the top six shareholders in the Kingston Live Group (KLE), owner and operator of Downsound Records, Joe Bogdanovich, remains tight-lipped about his recent acquisition.

"It was a strategic move on my part," was the only information that he was willing to divulge.

KLE, whose aim is to redefine the standard of premium entertainment in Jamaica by creating revolutionary brands, operates the Fiction Lounge, Famous Nightclub, Usain Bolt's Tracks & Records, and Odyssey Gaming Lounge.

KLE's chief executive officer, Gary Matalon, who currently holds the majority shares, told The Gleaner that Bogdanovich currently holds 7.1 million shares in the Sagicor company, which equates to the sixth largest shareholding.

"Because of the position that we are in and because of the expansion of our brand, we find that a lot of savvy business investors are eager to get on board. Persons are eager to get on board, so I'm sure we'll be seeing more trades in the future," Matalon told The Gleaner.

LIFESTYLE-THEME VILLA

In addition to the nightclubs, gaming lounge and restaurant, KLE Group also recently partnered with Sagicor on a hotel project titled Bessa. The lifestyle-theme villa community will complete the north-coast boutique destination of Oracabessa.

"The company is very excited to have Mr Bogdanovich on board. Given his experience and his background, we are eager to have him on board. I think this partnership says a lot about where the company is going and we are pleased that he was determined to invest his money in this group. The other shareholders are equally excited and we welcome him on board," Matalon said.

Bogdanovich's record label currently boasts artistes such as Ninja Man, Nature, Specialist, Ishawna and others. He also recently partnered with Supreme Promotions for the last two stagings of the premier dancehall event, Sting.

davina.henry@gleanerjm.com