Sagicor Investments to broker new rights issue for Barita
Sagicor Investments Jamaica is lead arranger and lead broker of Barita Investments’ new rights issue, which aims to raise $3.5 billion towards expansion of Barita’s branch network and finance its investment banking operations.
The offer opened on Monday, September 2 and closes on September 13.
Up to 77,897,303 ordinary shares priced at $45 each will be made available to existing ordinary stockholders, who own shares up to August 20, 2019. The shareholders will be offered 11 new ordinary shares for every 100 existing ordinary share held. The rights issue is Barita’s second for the year to be brokered by Sagicor Investments. The first, which opened in February, raised $4.065 billion for the company.
Mischa McLeod-Hines, Assistant Vice President, Capital Markets at Sagicor Investments, noted that the company is pleased to lead the transaction on behalf of its client and is looking forward to the strong support for the offer given the performance trajectory.
“We are happy to be a part of this transaction and commend Barita on this move. This offer gives shareholders the opportunity to increase their equity exposure to Barita. We continue to encourage clients to see the equity markets as an avenue to create, grow and preserve their wealth,” she said.
Selling agents for the rights issue are Barita Investments Limited, JMMB Bank Limited and Scotia Investments Jamaica Limited.