Thursday, October 18, 2012
KLE Group raises the bar on entertainment
The Principals of the Kingston Live Entertainment (KLE) Group have recently announced their plans to list the entertainment based entity on the Junior Stock Exchange. The group, operators of the Fiction Lounge and Usain Bolt’s Tracks & Records restaurant, is notorious for its steady success in the entertainment industry.
Chief Executive Officer of the KLE Group, Gary Matalon anticipates that this move will jolt the company forward to realize the goals set by the members of the board.
“The Jamaica Stock Exchange Junior Market offers us a great opportunity to raise the capital needed to execute our development strategy. We recognized early on, that financing would be key in us achieving our goals. A successful IPO puts us one step closer to our objectives,” he said.
It is with this unique view of entertainment and a solid business plan, that KLE is undertaking the milestone achievement of listing the now privately owned entity on the Junior Stock Exchange.
“This investment will also offer shareholders an opportunity to achieve great returns on their investment through solid growth in a high potential industry,” Matalon said. “KLE has demonstrated solid performance up to this point and continues to develop with positive actions all geared towards preparing for the next stages of development,” he added.
This dynamic group of established Jamaican entrepreneurs are a testament to the precise planning and astuteness that sold the world’s fastest man Usain Bolt on the idea of the now Usain Bolt’s Tracks and Records (UBT&R).
A listing on the Junior Market of the Jamaica Stock Exchange (JSE) is therefore precisely in line with the way they do business, their experience, training and expertise in sports, music, promotion and entertainment has undoubtedly contributed to the success of the company to date.
Kevin Bourke, Director of Marketing and Entertainment underscores the wealth of ideas and the guiding vision of customer satisfaction and quality focus as elements that provide the unique synergy that contributes to KLE’s success.
“I have always said that the KLE Group is an idea factory. We have spent quite a bit of time and energy on the strategic planning process,” he said.
Nevertheless, a listing on the JSE is an important undertaking that suggests long term plans, a good corporate governance structure and management expertise, all things that potential shareholders should pay attention to.
“The JSE provides us a great opportunity to finance our growth plans. The fact is we have always operated following best practices so the move to becoming a public company isn’t as much of a shock to our system as one may think,” Matalon said.
The KLE Group commenced operations three and a half years ago with 48 employees. Since then, the group has grown to employ 109 permanent staff members with further growth expected to create employment for another 43 persons in the short term. Additionally, the Group provides employment to other local service providers within and outside the entertainment industry, including suppliers of food and beverage products, all of which are bought locally. Following a successful listing and with the execution of solid growth and expansion plans, Bourke stresses that further employment and development will result.
at 8:51 PM