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CEIBA Investments (CBA), the real estate company focused on Cuba, has released a trading statement, in which it look at the state of the pandemic in the country, Cuba’s role in helping other countries, and the current state of the company’s trading, operations and investments.
As at 5 June 2020, CBA notes that Cuba reported 2,133 confirmed covid-19 cases and 83 deaths resulting from the coronavirus. With no deaths reported in the last week and 11 of its provinces reporting the absence of new cases during the last 15 days, it is anticipated that Cuba is close to announcing a staged reopening of its tourism industry and national borders.
The company notes that since the outbreak of the covid-19 pandemic, Cuba has sent more than 2,500 doctors and nurses to 26 countries, including to Italy, Mexico and South Africa.
CBA released the following:
CEIBA Investments began trading on the London Stock Exchange in October 2018. It is an existing investment company focused on real estate investments in Cuba. The company is the pre-eminent foreign investor in Cuban property. Its directors believe there is a window of opportunity to invest in expanding its portfolio while competition from US investors is curtailed by their government’s policies.
CBA is targeting (but not guaranteeing) total shareholder returns of between 12.5% and 17.5% per annum (in US dollar terms) and a 4% dividend yield on the issue price.
The directors believe that Cuba is at the beginning of a period of profound change. However, it is not easy to get direct exposure to Cuba. Over time, CBA has become the largest foreign holder of commercial real estate assets in Cuba.
CBA: CEIBA says Cuba close to reopening its borders and tourism industry
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