Ceiba Investments Limited Trading Statement (9651C)
October 23 2020 - 2:00AM
UK Regulatory
TIDMCBA
RNS Number : 9651C
Ceiba Investments Limited
23 October 2020
23 October 2020
CEIBA INVESTMENTS LIMITED
(the "Company")
(TICKER CBA, ISIN: GG00BFMDJH11)
Legal Entity Identifier: 213800XGY151JV5B1E88
TRADING UPDATE
CEIBA Investments Limited ("CEIBA" or the "Company"), the
largest listed foreign company solely dedicated to investing in
Cuba, with interests in the commercial and tourism real estate
sectors, is pleased to announce that on 20 October 2020 it executed
a binding framework agreement with GBM Interinvest Technologies
S.L. ("GBM IT") and GBM Interinvest Technologies Mariel S.L.("GBM
IT Mariel") to further diversify its Cuban real estate portfolio by
acquiring a 50% participation in GBM IT Mariel, which is
spear-heading the development of a mixed use multi-phase industrial
park (the "Project") to be located in the Special Development Zone
of Mariel, Cuba ("ZED Mariel"). The initial investment of the
Company in the Project will be limited to the amount of
EUR1,500,000.
The Project
The Project of GBM IT Mariel is designed to develop and then
operate a mixed use multi-phase industrial park to be constructed
on an undeveloped tract of 11.3 hectares that will include
industrial logistics, warehousing, production facilities, offices
and other spaces located in the Special Development Zone of Mariel,
Cuba. The first phase of the Project is due to start in 2021 and
includes the construction of four warehouses with a total area of
11,000 square metres (118,400ft(2) ). The Project is a 100% foreign
investment, with no Cuban equity partner.
The participation of the Company in the Project demonstrates the
strong leadership position of the Company in the Cuban real estate
market. By entering into the strategic new market segment of
industrial logistics, warehousing and production facilities and a
new geographic location in the Special Development Zone of Mariel,
the Company is diversifying its asset base and positioning itself
to take early advantage of expected new areas of strong growth in
the Cuban economy as the country focuses its efforts on local
production of goods and the substitution of imports.
About GBM IT Mariel
GBM IT and GBM IT Mariel are Spanish limited liability
companies. GBM IT Mariel was incorporated in 2019 for the purpose
of developing the Project. It is the first international investor
to have been authorized to construct, own and operate a large-scale
industrial warehouse complex in Cuba without a Cuban equity
partner. Its present shareholders have extensive experience in Cuba
and were previously involved in the early development of the
Company's largest asset, the Miramar Trade Centre.
About the Special Development Zone of Mariel
ZED Mariel was officially inaugurated in November 2013. So far,
an infrastructure investment program in excess of US$1 billion has
been carried out. As a Special Development Zone, ZED Mariel has a
distinct legal regime and special rules governing corporate,
banking, tax, employment and other matters, which are more
favourable than those applicable elsewhere in the country.
ZED Mariel comprises a total area of 465 km(2) and is located
approximately 27 miles to the west of the city of Havana. It is
connected by new road and railway links and its port is
strategically positioned on the principal shipping route of the
Gulf of Mexico, south of Florida and north of the Panama Canal.
Under the first phase of development, an area of approximately
45 km(2) located on the western side of the Bay of Mariel is being
developed as a regional and international shipping, trans-shipment,
container, logistics and industrial production hub. The container
terminal facility of ZED Mariel is managed by Singapore's PSA
International. At present, there are 16 foreign capital companies
and 5 joint venture companies operating in ZED Mariel, including
companies owned by Unilever, Nestlé, British American Tobacco and
Bouygues Construction. In addition, another 10 foreign capital
companies and 7 joint venture companies have been authorized and
are presently setting up operations.
For further information, please contact:
Aberdeen Standard Fund Managers Limited Tel: +44 (0)20 7463
6000
Sebastiaan Berger / Evan Bruce-Gardyne
N+1 Singer Tel: +44 (0)20 7496 3000
James Maxwell / James Moat (Corporate Finance)
James Waterlow (Sales)
JTC Fund Solutions (Guernsey) Limited Tel: +44 (0)1481
702400
www.ceibainvestments.co.uk
END OF ANNOUNCEMENT
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