Sagicor X Fund earns $940m in 2 months

SAGICOR Real Estate X Fund earned $940 million in just two months.

The net profit reported for the period November 1 to December 31, 2013, was entirely due to the change in the market value of the units it purchased in the Sigma Real Estate portfolio a little under a month after going public.

Operating expenses for the two-month period was $100,000, which was paid over for professional expenses. The company incurred $1,000 in tax.

The X Fund pays a one per cent income tax rate because of an allowance given by the CARICOM Treaty, which doesn’t subject the company registered in St Lucia to the one-third rate applicable in Jamaica.

Published in the Jamaica Observer
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