Having pushed back its planned alternative public offer (APO) for last year with a rights issue, lighting and energy company, FosRich is looking to return to the equities market to raise funds through an APO.

In fact, the company’s board of directors has convened a meeting for February 6, at which time it will consider recommending to shareholders at an extraordinary general meeting, certain resolutions to facilitate raising additional equity investment by an APO of ordinary shares.

Back in July 2022, shareholders had given the go-ahead for FosRich to engage in a rights issue or an APO to raise equity for its expansion offering. The Cecil Foster-led company had been awaiting the green light from regulators in order to proceed but when that go-ahead came the stock market has gotten softer with equities on the decline.

Instead, FosRich successfully executed a rights issue last August by first splitting its stock 10 for one and increasing its authorised capital 30-fold from nearly 513 million to 15 billion units. As part of the successful rights issue, the company successfully allocated 55.72 million additional shares.

The rights issue, which was arranged by Mayberry Investments Limited, gave existing shareholders the opportunity to buy one new share for every 90 shares owned at a price of at J$2.50 per unit. 

Fosrich has raised J$139-million from the rights issue, which opened in June 2023. The company has been using the proceeds to complete phase two of its 30,000-square foot fulfillment centre on Molynes Road in St Andrew.