(Jamaica Observer, Balford Henry, 17.May.2019) — The Petroleum Corporation of Jamaica (PCJ) says that the Wigton Windfarm IPO shares will be listed and begin trading on the main market of the Jamaica Stock Exchange (JSE) on Wednesday, May 22.
In an update on the developments since the massive Wigton Windfarm Initial Public Offering (IPO) closed on May 1, the company confirmed that the Jamaica Central Securities Depository (JCSD) and lead broker Mayberry Investments Limited (MIL) have completed reconciliation of all applications in the offer for sale of 11 billion ordinary shares in Wigton pursuant to the April 8 prospectus dated April 2019.
The company confirmed that 31,200 applications were received, valued at approximately $14,234,452,650 and representing 28,468,905,300 units. The company’s prospectus offered shares valued at $5.5 billion.
“It is anticipated that the company’s shares will be listed and begin trading on the main market of the Jamaica Stock Exchange (JSE) on May 22, 2019,” the PCJ said.
PCJ, parent company of Wigton Windfarm, also thanked all applicants in the offer and, in particular, private sector workers, “for making this historic offer the resounding success that it has become”.
Minister of Science, Energy and Technology SET) Fayval Williams also welcomed the success of the IPO in her presentation to the House of Representatives on Tuesday, in the 2019/2020 Sectoral Debate at Gordon House, when she announced that over 31,000 Jamaicans will own the shares in Wigton.
“In April of this year, history was made in the renewable energy sector, when Jamaicans were given a most coveted opportunity to invest in the renewable energy sector, by becoming owners of the largest wind energy facility in the English-speaking Caribbean – Wigton Wind Farm Limited,” Williams said.
“Through this successful initial public offering Jamaicans, with the smallest purchase of $1,000, were given the opportunity to take a further step towards energy independence by owning a stake in Jamaica’s energy future,” she stated.
She said this initial public offer has clearly demonstrated the appetite of the Jamaican people to invest in the Jamaican energy sector.
Earlier, lead broker for the IPO, Mayberry Investments had indicated that the offer was oversubscribed, as $14 billion was raised. This was almost three times more than the $5.5 billion that the company initially sought.
She commented that the IPO clearly demonstrated the appetite of Jamaicans for investing in the domestic energy sector.
Wigton Windfarm Limited, incorporated in April 2000, is a wholly owned subsidiary of the PCJ. Its objectives are to diversify and develop renewable energy sources through identifying and conducting studies of potential sites for wind and solar energy solutions.
Located in Rose Hill, Manchester, the wind farm currently comprises three plants: the 20.7 MW Phase I, which began operating in 2004; Phase II an 18 MW extension facility commissioned in 2010; and the 24 MW Phase III, which was commissioned in 2016, bringing the wind farm’s total capacity to 62.7 MW.
The company’s main objective is to facilitate and promote the use of wind and other alternative forms of energy to drive the diversification of Jamaica’s energy mix.
Since becoming operational, Wigton has reduced national oil consumption by close to 406,000 barrels, which has saved Jamaica almost $3 billion.