Jun 2016 Financial News

Portland JSX meets IPO target

Jun 24, 2016

PortlandJSX Ltd has reached it target of $1.23 billion from its initial public offering (IPO) which opened on June 8 and closed on Wednesday. A total of 111,818,182 ordinary shares were offered at $11 each. Broker VM Wealth Ltd said yesterday that the offer was oversubscribed by 23.5 per cent.

Proceeds from the IPO will be invested in Portland Caribbean Fund II, a private equity fund, which holds a portfolio of equity and/or debt securities of companies located in Latin America and the Caribbean.

The company said in its prospectus that PCF II, which started in July 2014, had previously raised US$136 million to date with a target of US$200-250 million.

The company also had a successful private placement in October 2015, raising $1.7 billion.

To date, the fund has investments in Panama Wind, a wind energy project in Panama; CFFI Ventures (Barbados) Inc, an opportunity which resulted from the Cable & Wireless and Columbus Communications merger; and Clarien Group Ltd in Bermuda.

PCF II is being managed by the team which leads AIC Caribbean Fund, which has invested US$162 million and returned US$374 million to date, VM Wealth indicates. Members are part of the General Partners of PCF II, which collectively invested US$17 million in the fund.

The company is slated for listing on the main market of the Jamaica Stock Exchange subject to approval.

Source:
BY AVIA COLLINDER
collindera@jamaicaobserver.com
Business reporter
Jamaica Observer
Friday June 24, 2016

http://www.jamaicaobserver.com/business/Portland-JSX-meets-IPO-target_64912