Barita's $9 billion APO oversubscribed
Barita Investments Limited has successfully raised another $9 billion in equity to facilitate the expansion of its business in line with its growing client base.
On Tuesday, the company announced that its additional public offer (APO) of ordinary shares has been oversubscribed.
The invitation offered investors up to 173,733,220 new ordinary shares in the company - inclusive of shares for its reserved clients – priced between $49 and $52 per share.
In a release to the Jamaica Stock Exchange on Tuesday, a day before the scheduled close of the APO, Barita stated that, “The invitation has been oversubscribed and will not be extended."
The company will be exercising its right, pursuant to the prospectus, to “upsize” the APO, the release stated, adding that further details with respect to the upsizing will be provided on or before Friday, September 18, 2020.
Applicants for new ordinary shares in the APO will be advised of the basis of allotment on Monday, September 21, 2020, added the release.