Chairman and CEO of Blue Mahoe Holdings, David Mullings
MIAMI – Blue Mahoe Holdings LLC, a Delaware-registered company founded by David Mullings, purchased 1.7 Million shares of KLE Group Ltd. on the Jamaica Stock Exchange through affiliate Blue Mahoe Capital to become the tenth largest shareholder in the publicly-traded company known for Usain Bolt’s Tracks and Records restaurant in Jamaica. The purchase was facilitated by NCB Capital Markets.
KLE Group Ltd. previously owned and operated the Fiction and Famous nightclubs in Kingston and Portmore, Jamaica. The group has been working on a real estate development known as Bessa, an 8-acre lifestyle-themed villa community located in Oracabessa, Jamaica on the north coast of the island.
Bessa
Chairman and CEO of Blue Mahoe Holdings, David Mullings Photo by: Phillip Simmons
Chairman and CEO of Blue Mahoe Holdings, David Mullings, said “KLE has been through some challenges over the years but when Bianca Welds, my classmate from the University of Miami, sent me pictures of the progress on Bessa while she was doing a sea turtle release experience, I had to take a deeper look at how this could be a catalyst for the business going forward.”
Investment Opportunity
Blue Mahoe Holdings primarily intends to invest in real estate assets across the Caribbean, starting with building affordable homes in Jamaica and then Barbados, giving retail investors access to invest in those deals. They recently launched a Testing The Waters campaign for a Regulation CF offering in the USA to gauge interest. Anyone, even non-accredited investors, can commit to invest as little as US$500 at US$10 per share and it would be the first US-based vehicle that allows investors to get access to Caribbean investment opportunities across multiple countries.
Franchising Tracks and Records
“12 years ago I asked Gary Matalon, then CEO of KLE Group, if they planned to franchise the brand into the large markets where Jamaican culture is loved. He said that was the vision. I have offered to join the KLE Group Board of Directors to help them identify the right franchisees in Miami, Orlando, Atlanta and New York because they should be competing with Bahama Breeze and Margaritaville. It is time that authentic Jamaican food and our culture at that scale be owned by Jamaicans” said Mr. Mullings.
Real Estate Investment Portfolio
Blue Mahoe Holdings primarily intends to invest in real estate assets across the Caribbean. Starting with building affordable homes in Jamaica and then Barbados, giving retail investors access to invest in these deals. They recently launched a Testing The Waters campaign for a Regulation CF offering in the USA to gauge interest. Anyone can commit to invest as little as US$500 at US$10 per share. It would be the first US-based vehicle that allows investors to get access to Caribbean investment opportunities.
NASDAQ Listing
The vision has always been and still is to list on the NASDAQ to give access as well as liquidity to investors looking for exposure to the Caribbean but who also desire the safety of a regulated entity that must have audited financials and proper SEC reporting.
Mr. Mullings said that “10 years ago the Jamaica Stock Exchange asked me to speak at their January conference and explain how to get the Jamaican Diaspora to invest more in Jamaica, not send more remittances. I shared the exact requirements of what we as a diaspora would need to feel comfortable and no one launched it. 5 years later, Joe Matalon of ICD Group pushed me to launch it and Michael Lee-Chin agreed to be a key advisor so here I am in 2024. I’ve been on BloombergTV and in Black Enterprise talking about the opportunity the Caribbean presents, now it is time to execute the vision I have been working on with my team to get it done in 2024.”
Caribbean Property Fund
The Caribbean property fund can buy into Bessa and then give US investors access to the income being generated in this beautiful Jamaican property near to where all the James Bond books were written. I can be an additive investor, not simply an activist investor.”
Robert Mullings, brother to David and a consultant at Blue Mahoe Holdings, added, “I went to Jamaica College and some of our alumni have had major positive impact on Jamaica. When David told me his plan, I supported it and offered to help in any way because I agree with the sentiment that our culture is our biggest export but we as Jamaicans do not make enough from it. Blue Mahoe Holdings can help to change that.” An advisory board has been created to design a strategic plan to make it a reality in 2024.
Asset Management – Real Estate Development
Blue Mahoe Capital will focus on asset management, including managing the new Caribbean property fund and other funds in the pipeline. Blue Mahoe Holdings will focus on real estate development and other asset classes, deploying capital from the balance sheet. They have already engaged an investment bank in New York for the NASDAQ listing.
Mr. David Mullings said that “We want to give regular people access to the same wealth-creating opportunities as the 1% because they deserve access.”
Blue Mahoe Holdings intends to open an office in the Pembroke Pines/Miramar area, “Kingston 21” as David Mullings jokingly referred to it and he added that “When I left Campion College in 5th form in 1996, I came straight to Pembroke Pines with my mother. I attended Broward Community College, now Broward College, at 15 years old. I know the area well and this is where we need to be. I live in Orlando and our head office will be there but you have to be in 33025 if you want to really reach Jamaican-Americans in Florida.”
