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Jamaicans who took up the offer of Wigton Windfarm shares during the Initial Public Offering (IPO) last month will see trading in these shares on the Jamaica Stock Exchange (JSE) Main Market starting tomorrow, May 22.
The Petroleum Corporation of Jamaica (PCJ) in a recent update since the May 1 close of the IPO noted that the lead broker, Mayberry Investments Limited (MIL) and the Jamaica Central Securities Depository (JCSD) ended the processing of applications. Also, PCJ confirmed that 31,200 persons and entities applied for the 11 billion ordinary Wigton shares offered.
Oversubscribed – Wigton Shares Snapped Up
As expected by some investment observers, the Wigton IPO was oversubscribed – at a value of approximately $14,234,452,650 for 28,468,905,300 units. Impressively, this massive uptake by Jamaicans represents almost three times the $5.5 billion value initially expected. Meanwhile, in her presentation during the 2019/2020 Sectoral Debate, at Gordon House, the Minister of Science, Energy and Technology (SET) Fayval Williams remarked on the Jamaican appetite for investing in the energy sector.
“In April of this year, history was made in the renewable energy sector, when Jamaicans were given a most coveted opportunity to invest in the renewable energy sector, by becoming owners of the largest wind energy facility in the English-speaking Caribbean – Wigton Wind Farm Limited,” the Minister said.
Let the trading begin!
At the bell, tomorrow, the Wigton Windfarm shares will join the fifty-seven listed securities trading in the main JSE market.
The PCJ incorporated the Wigton Windfarm Limited in April 2000 as a wholly owned subsidiary. The Windfarm aims to diversify and develop renewable energy sources. The wind farm is to achieve this aim through identifying and undertaking research on potential locations for wind and solar energy solutions.
Wigton is located in Rose Hill, Manchester, and comprises three plants: the 20.7 MW Phase I, which began operating in 2004; Phase II an 18 MW extension plant commissioned in 2010; and the 24 MW Phase III, brought into operation in 2016. In total, the wind farm’s capacity is currently at 62.7 Mega Watts.
Already, the Wigton Windfarm has saved Jamaica nearly $3 billion in oil consumption costs. It did so through a 406,000-barrel reduction in oil consumption since it started operations.