Pulse Investments Limited is considering two overseas acquisitions, as it seeks to grow and diversify its business.
The company has announced its interest in acquiring a substantial stake in the two overseas companies. They are Irie Jam 360 Media, a New York-based radio, TV and internet media group and an undisclosed cosmetics company.
The board of Pulse says it is seriously considering the acquisitions. The company has advised the Jamaica Stock Exchange (JSE), where its stock are traded, of the intended acquisition.
Pulse is a lifestyle, real estate and media company. The board is considering acquiring a substantial (non-controlling) stake in Irie Jam 360 Media, which broadcasts to a mainly Caribbean market in the tri-state area of New York, New Jersey and Connecticut.
The other investment being considered is a substantial stake in a cosmetics company branded with the name and likeness of a famous international film and TV star, with Caribbean roots.
According to Pulse, “This specific investment is in the very early stages of discussion and negotiation. Pulse is, therefore, unable to provide any further information at this time.”
Pulse’s Executive Chairman, Kingsley Cooper told shareholders at its annual general meeting last week that while the company seen remarkable success last year, it is pushing to add more value to shareholders’ investment.
Among the noted areas in which the business is looking to expand its creative businesses are through acquisition in IrieJam and the cosmetic company.
He also advised shareholders that the company will be seeking to raise more equity to fund this growth objective. This, in an effort to grow the company and push its brand into more markets in the Caribbean, and worldwide.
Though still in the preliminary stages of deliberation, the company board is seeking to raise equity by way of a renounceable rights issue, a stock split, or both, as determined by the directors. Pulse will need this capital if it is to pursue any growth strategy.
The company also wants to gain capital to take full ownership of leased properties including its current Villa Ronai location, which operates under a 50-year lease agreement.