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Marlie Expertise Park Says No to Sagicor Jamaica Take-over Bid

Marlie Expertise Park Vidal Terrace Administrative Workplace Constructing

Valrie Grant – Investor & Tech Entrepreneur

Native Investor Adamant that Job-Creating Tech Metropolis Undertaking in Previous Harbour Jamaica Ought to Proceed

We consider we’re being intentionally taken benefit of; with the good thing about hindsight, we might not have entered right into a transaction, the place Sagicor was each an investor and financier”

— Valrie Grant

KINGSTON, JAMAICA, January 29, 2021 /EINPresswire.com/ — Jamaican investor and tech entrepreneur behind the multi-million-dollar Marlie Expertise Park in Previous Harbour, Jamaica Valrie Grant, has known as out the Sagicor Group for an tried hostile takeover and sale of the property after reneging on their settlement to again the mission with working capital to develop what was envisioned as Jamaica’s first tech-smart neighborhood.

“Marlie Expertise Park has alerted its attorneys and is ready to struggle the matter vigorously in courtroom”, mentioned Grant, who can also be a Geospatial Scientist and Proprietor of GeoTechVision.

She defined that in Might 2018, part one of many 68-acre Marlie Expertise Park complicated was opened in partnership with Sagicor Investments, which agreed to take a position US$3 million by managed funds, and Sagicor Financial institution Jamaica, which might bankroll the mission with a US$1.9 Million mortgage.

The Sagicor Group in a press release reported in Jamaica’s Monetary Gleaner of Might 24, 2018, mentioned, “Sagicor Financial institution will proceed to be the monetary accomplice for Marlie Tech for additional construct out and acquisition”.

“These funds by no means materialized”, mentioned Valrie Grant. “Moreover, with a pointy decline in enterprise arising from the COVID-19 public well being disaster, Marlie Tech Park wrote to Sagicor Financial institution requesting a particular facility to handle its mortgage obligations famous Grant. “We obtained no response to that letter; and have been as an alternative served with a requirement discover with indications by Sagicor Financial institution that it may proceed to train its energy of sale”, she added.

Grant identified that she had documentation to show {that a} valuation accomplished by Sagicor not too long ago, listed the property at 50% of its market worth in 2018.

“Because the discover of Public sale revealed by Sagicor introduced for December tenth at 10 am, Marlie Expertise Park has secured financing and thru our attorneys have offered Sagicor with the mandatory dedication letter evidencing our preparedness to refinance the mortgage and to supply for the compensation of the mortgage debt in full.”

“Sagicor waited till December ninth to reply indicating that they’re unwilling to just accept the dedication letter and they’re continuing with the public sale on December tenth.” Grant, was in a position to get an injunction and is now within the means of refinancing the mortgage however Sagicor is insisting if they aren’t paid by shut of enterprise on January twenty ninth they’ll use their energy of sale. This though the attorneys have suggested that the transaction is being finalized and that an extension to February fifteenth is requested.

“We consider we’re being intentionally taken benefit of; with the good thing about hindsight, we might not have entered right into a transaction, the place Sagicor was each an investor and financier”, she mentioned.

Valrie Grant additionally famous that however quite a few warnings and makes an attempt at intimidation, she is not going to roll over, and permit her imaginative and prescient of Marlie Tech Park to be destroyed, denying alternatives and jobs for hundreds of younger individuals and ladies in one of the vital populous and quickest rising communities on the island.

“Marlie Expertise Park at Previous Harbour has the potential to generate sturdy financial exercise and jobs for residents, a lot of whom at the moment need to commute each day to Kingston for work to safe their livelihoods”, she continued. “Your complete complicated can also be an environmentally accountable area, and which when developed as an inclusive mannequin neighborhood, will contribute to the achievement of a number of of the United Nations Sustainable Growth Objectives (SDGs)”, mentioned Grant.

Nadine Carlson
Marlie Expertise Park
information@mtpja.com

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