The Kamehameha Schools saw the value of its holdings in WCI Communities Inc. rise to about $165.1 million today after the Florida development company completed its initial public offering yesterday. Kamehameha’s stake in
public offering of Florida
home builder hits $165 millionBy Rick Daysog
rdaysog@starbulletin.comKamehameha Activities Association -- a for-profit subsidiary of the $6 billion charitable trust -- owns about 7.1 million shares, or about 16.4 percent, of WCI, making it the company's largest shareholder.
WCI's stock price closed at $23.25 on the New York Stock Exchange today from yesterday's offering price of $18.
The Kamehameha Schools, which initially invested in WCI with longtime partner the John D. and Catherine T. MacArthur Foundation in 1995, said it is evaluating its plans for the stock.
The company did not sell any of its shares in the IPO.
"Kamehameha Activities Association's interest in WCI Communities Inc. and its recent initial public offering is important because it allows KAA to further support Kamehameha Schools' ongoing efforts to provide more educational services to more Hawaiian children," said KAA President Wallace Chin.
"We have every confidence in WCI's current management and applaud their successful efforts to take the company public."
WCI, which traces its roots back to 1946, builds master planned residential communities and luxury condominium towers in Florida. The company, which posted revenues of $1.1 billion in 2001, has 34 communities under development.
In yesterday's public offering, WCI sold roughly 43 million shares, or about 16 percent of the company.
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