TAKEN FROM THE PRESS
Don Antonio Real Estate, SA, company that operates the King Group, placed the entire first two series of mortgage bonds amounting to $ 10.4 million at rates of 5% to 3 years and 6% to 7 years, through the Panama Stock Exchange.
This placement, which was oversubscribed by investors Panamanians, constitutes 20% of total emission of 50 million dollars.
This operation was done in order to ensure a more stable source of funds at a cost substantially lower than what local banks are offering to finance the current expansion of the King Group.
Currently, Grupo Rey built two new stores: one in Barrio Bolivar Romero David and King Supermarket in the shopping center Lake Village Center in Chitre.
will soon be starting construction a new supermarket on the way Rey Centenario Bridge and the new Private Versailles on the way to Tocumen airport.
the end of first quarter, the Group's total assets increased a net 1.3 million dollars over the previous quarter, reported 165.8 million dollars.
This increase is mainly due to net increase in property, furniture, equipment and improvements (net of depreciation) of $ 1.7 million over the previous quarter to $ 78.5 million at March 31, 2009.
other hand, intangible assets were reduced by $ 224,000 (resulting from the depreciation of the quarter) to $ 2.9 million at March 31, 2009, while properties investment (net) showed a reduction of $ 144,000 below the previous quarter to $ 1.4 million at March 31, 2009.
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