Durrant Pate/Contributor

Effective Friday (September 15), lighting and energy company, FosRich’s total issued shares has jumped to over five billion units.

The Jamaica Stock Exchange (JSE) Listing Committee approved the company’s application for a supplemental listing of 55,729,647 ordinary shares that were issued pursuant to its recent rights issue. The new ordinary shares will commence trading on Friday.

Accordingly, the total issued ordinary shares of FosRich on the JSE Junior Market has been increased to 5,078,485,197. 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.

The basis of allocation sees existing shareholders, who applied for less than or equal to their provisional allotment amount, receiving their full amount. At the same time, applicants who applied for more than their provisionally allotted amount will receive the total of their provisional allotment plus a pro-rata allocation of approximately 99.52 per cent of the excess shares for which they applied.

Fosrich raised J$139-million from the rights issue, which opened on June 2. The Cecil Foster-led company plans to use the funds to complete phase two of its 30,000-square foot fulfillment centre on Molynes Road in Kingston. 

This, is in addition to paying the expenses associated with the rights issue, which did not exceed J$9 million, inclusive of general consumption tax (GCT).