Colina Insurance Limited Acquires Majority Interest in RND Holdings Limited

  • A longtime shareholder, Colina now holds more than 50% of RND shares

NASSAU, Jan 28, 2010 – Publicly held commercial real estate and automated ticketing company RND Holdings Limited today announced that it has sold majority interest in the company to Colina Insurance Limited, the country’s largest life and health insurer. Colina, which has owned shares in RND since the latter’s initial public offering in 1998, now holds in excess of 50% of the equity in RND Holdings Limited, whose principal subsidiary, RND Properties Limited, manages the rental of commercial facilities RND Plaza West, RND Plaza Freeport and RND Plaza Abaco.

RND Chairman Jerome Fitzgerald says the move is a shot in the arm that will establish certain synergies to increase the company’s cash flow and bolster investor confidence. “We saw this move to expand our relationship with Colina as being particularly opportune during these difficult economic times,” says Fitzgerald. “Linking RND with Colina, a respected financial services institution with a long term view of investments, will bring value to shareholders and ensure that this company, which is strong now, will get even stronger in the future.”

Colina Executive Vice President, Emanuel Alexiou added, “Colina has had a long and favourable relationship with Mr. Fitzgerald. The RND properties are strong assets and we are pleased to expand our strategic and financial ties to RND through this real estate investment.”

Both RND and Colina advise that the transaction will not affect staffing levels at the company as no redundancies are expected to take place as a result of the new ownership structure.

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