CEIBA Investments In Cuba Impacted by COVID-19 Pandemic And By Trump Administration Decisions
/CEIBA Investments Limited is a Guernsey-incorporated, closed-ended investment company located at Dorey Court, Admiral Park, St. Peter Port, Guernsey, GY1 2HT Channel Islands.
“On the investment front, this crisis will affect corporate revenues and investment valuations in a myriad of ways, and I do not expect the full implications of the present disruption to become apparent for some time.”
“The Company's total equity has grown from approximately US$19 million in 2001 to US$256 million as at 31 December 2019. During the 2019 accounting period the Company paid approximately US$8.6 million in cash dividends.”
“As a direct result of the measures announced by the Cuban government on 20 March 2020, Miramar, the Cuban joint venture company in which CEIBA has a 32.5% interest, which owns and operates one hotel in Havana and three hotels in Varadero, is temporarily closing its hotels and substantially decreasing its workforce. Miramar has no debt financing and a healthy cash balance which allows Miramar to operate without income for an extended period of time. The operations of Monte Barreto, the owner and operator of the Miramar Trade Centre office complex in which the Company has a 49% interest, do not appear to be materially impacted.. Monte Barreto has no debt financing and a cash balance which would allow it to operate without income for an extended period of time if it were to become necessary.“
“The balance sheet of the Company itself is strong and remains debt free and the operational Cuban joint venture companies in which it holds interests are well positioned to navigate the COVID-19 pandemic, however to support our joint ventures through this pandemic, the board has taken the decision to change the Company's dividend policy and not to declare a year-end dividend in respect of the 2019 financial year. The Company expects to issue its results for the year ended 31 December 2019 towards the end of April 2020 and not to seek temporary relief as offered by the Financial Conduct Authority.”
29 April 2019 Update From CEIBA Investments
2019 CEIBA Investments Annual Report
