Mayberry Investments providing financial advisory services on this transaction

Jamaica-based renewable company Wigton Windfarm Limited has diversified into the electronic vehicles market.

This was done through its equity stake in Flash Holdings Limited (FHL), which is the sole shareholder of Flash Motors Company Limited, a company incorporated in Jamaica which will distribute and sell electric vehicles.

Wigton has acquired a 21 per cent stake in FHL, which is a company incorporated in St Lucia as a pure equity holding company. 

The investment is a continuation of Wigton’s efforts to grow the business by investing in new ventures, being ready to respond to any new calls for additional renewable energy to the national grid, establishing partnerships and continuing to prudently manage expenses as the primary focus areas of management.

In an advisory to the Jamaica Stock Exchange, where its shares are traded, Wigton reports that “this initiative forms a part of Wigton’s thrust towards the diversification of its business and its involvement in projects that seek to reduce the negative effects of climate change and sustain a healthy environment”.

Financial Advisory Services Agreement

It is understood that Mayberry Investments Limited is providing financial advisory services on this transaction. Last month, Wigton entered into a Financial Advisory Services Agreement with Mayberry Investments Limited, the parent company of Mayberry Equities, one of its top 10 shareholders.

Under the terms of the agreement, Mayberry will provide financial advisory services in respect of certain business development and expansion opportunities for Wigton within Jamaica and the Caribbean. Additionally, Wigton will have an established framework through which prospective projects will be financially assessed and structured, as requested. The nine months period, April to December 2021, saw an overall reduction of 53.1 per cent in Wigton’s net profit of $277.49 million coming from $591.65 million. This decrease was as a result of equipment maintenance cost, lower levels of production which impacted sales revenue and the impact of the contractual rate reduction for Wigton Phase II.

READ: Jamaican Government to incentivise push to 100% electric vehicles by 2032