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Share Name Share Symbol Market Type Share ISIN Share Description
Ceiba Investments Limited LSE:CBA London Ordinary Share GG00BFMDJH11 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +3.00p +3.85% 81.00p 76.00p 86.00p - - - 0 07:30:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 14.9 3.1 1.6 50.9 111.51

Ceiba Investments Limited Trading Statement

30/01/2019 7:00am

UK Regulatory (RNS & others)


Ceiba Investments (LSE:CBA)
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6 Months : From Dec 2018 to Jun 2019

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RNS Number : 4609O

Ceiba Investments Limited

30 January 2019

30 January 2019

CEIBA INVESTMENTS LIMITED

(TICKER CBA, ISIN: GG00BFMDJH11)

TRADING UPDATE

CEIBA Investments Limited ("CEIBA" or the "Company"), the largest listed foreign investor solely dedicated to investing in Cuba, is pleased to announce that following its successful Initial Public Offering, which saw gross proceeds of GBP30 million raised and the listing of its Ordinary shares ("Ordinary Shares") on the Specialist Fund Segment of the Main Market of the London Stock Exchange plc on 22 October 2018 (the "Listing"), it has now successfully deployed all funds raised. The following investments have been made from the proceeds of the Listing, existing cash resources and dividends distributed to the Company from its joint venture investments:

-- In accordance with the intentions stated in the Prospectus, immediately following the Listing, the Company repaid the outstanding EUR30 million bridge loan that was previously provided by its largest shareholder in order to expand the Company's interest in the Meliã Las Americas, Meliã Varadero and Meliã Sol Palmeras hotels (the Varadero hotels).

-- In addition, in relation to the merger between the Cuban joint venture company Miramar S.A. and the joint venture company that owned the Varadero hotels, capital contributions were made to Miramar S.A., of which CEIBA's interest was over US$18 million. As part of the merger, the land leases of the hotel properties in Havana and Varadero were extended to 31 December 2042.

-- With respect to the project to develop the 400 room hotel Meliã Trinidad Playa (Province of Sancti Spiritus, Cuba), the Company completed its outstanding (US$3.4 million) capital contribution to the Cuban joint venture company TosCuba S.A. and disbursed an additional US$4.8 million under a construction finance facility. The construction of the hotel officially started in December 2018 and is due to be completed in December 2020.

The Company expects to announce its audited NAV and final results for the year ended 31 December 2018 in April 2019.

John Herring, Chairman of CEIBA Investments Limited, said:

"We are very pleased that we have fully deployed the proceeds of the IPO and have completed the merger to join our profitable, operational hotels in Havana and Varadero and that the property leases of the hotels have all been extended up to 31 December 2042. We are also pleased that construction of our 400 room hotel project in Trinidad (Cuba) has started. It certainly seems that we are on track on all fronts."

For further information, please contact:

 
 Aberdeen Standard Fund Managers Limited           Tel: +44 (0)20 7463 
  Sebastiaan Berger / Gary Jones / Christian        6000 
  Pittard 
 N+1 Singer                                        Tel: +44 (0)20 7496 
  James Maxwell / James Moat (Corporate Finance)    3000 
  James Waterlow (Sales) 
 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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January 30, 2019 02:00 ET (07:00 GMT)

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