CAC 2000 raises $200 million in preference share offer
Created : 20 March 2018
Photo via CAC 2000 Facebook page.
Victoria Mutual Wealth Management Limited has advised that Air Conditioning company, CAC 2000 raised $200 million in its preference share offer.
The broker further advised that the offer was oversubscribed and the basis of allocation will be communicated via the Jamaica Stock Exchange in a subsequent advisory.
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.
The application list opened 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.