No details provided about who purchased and sold the shares

In an Our Today follow-up, Jamaican retail petroleum company, Future Energy Source Company Limited (FESCO) is providing even more share incentives for its service station dealers and employees.

With some 15.17 million FESCO shares sold by a connected party to be shared among the dealers and employees just over a week ago, which Our Today reported on May 29, news has come that a connected party sold 3,413,232 FESCO shares.

The company advises that these shares were purchased  by a director on May 31, 2021, as part of an incentive plan for service station dealers and employees. Like in the previous case, no details were provided about how the shares will be shared up among employees and dealers. 

FESCO BECAME 46TH COMPANY TO LIST ON JUNIOR MARKET

FESCO currently has a network of 14 dealer-owned gas stations and a staff complement of around 200. The sale of the 15.17 million FESCO shares took place during the period May 21- 25, 2021, as part of an incentive plan for service station dealers and employees.

The Jamaica Stock Exchange (JSE) has reported that three directors purchased these shares during the period stated earlier. The purchase of the two blocks of shares comes just over a month after the company successfully sold through an initial public offer (IPO) of 500 million shares to the public.

This led FESCO to becoming the 46th company to list on the JSE’s Junior Market. FESCO’s core business is the marketing and distribution of petroleum products such as E10 87 octane, E10 90 octane, automotive diesel oil, ultra-low sulphur diesel and lubricants to both retail and commercial customers.