Friday 18 October, 2019

Photos: FosRich lists on the Jamaica Stock Exchange

Lighting company FosRich Group of Companies on Tuesday officially listed on the junior market of the Jamaica Stock Exchange, after a successful public offering earlier this month.

The lighting and electrical specialist company, which was founded by Cecil Foster 24 years ago received more than $100 million in surplus applications from its offer.

The offer which was aimed at raising a little over $200 million closed a minute after opening at 9:00am on December 4. Fosrich offered a total of 100,455,111 shares valued at a total of $2.00 per share or 20 per cent of the company.

The board intends to use the proceeds of the IPO to expand the capacity of the company, specifically the expansion of its industrial electrical and energy solutions division.

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FosRich lists on JSE

Armed with over two decades of supplying wholesale clients with lighting and electrical products, FosRich Company Limited recently launched their industrial electrical division at their flagship branch in Kingston.

“By forming strong relationships with our international partners, it makes the procurement process and access to crucial products for the industrial market easier” shared managing director Foster said.

Stocks and Securities Limited (SSL) was selected as lead broker for the deal.

 

 

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