Friday 23 March, 2018

Air conditioning company to raise $200-m in preference share offer

Air Conditioning company, CAC2000 will go to the market in March to raise $200 million in a preference share offer at 9.5 per cent.

The net proceeds of the offer will be used to refinance existing debt and to provide additional working capital for the benefit of its operations, thereby allowing the company to take advantage of new business opportunities.

“This offering of the preference shares to the public will allow CAC to strengthen its capital base and give members of the public an opportunity to participate in the success of CAC,” said the company in the prospectus.

The application list will open on March 16 and close on March 23.

The company offers some of the largest and most technologically advanced range of air-conditioning systems in Jamaica. Its products come with a best value guarantee, backed by factory warranties. CAC are long time partners of Carrier, LG Mitsubishi Electric and Fujitsu air conditioning systems.

The company revenues increased by 62.6 per cent from 2013 at $745 million to $1.2 billion in 2017.