NASSAU, BAHAMAS — Colina Financial Advisors Ltd. (CFAL) announced on Monday the completion of a $40 million preference share offering for FOCOL Holdings Limited (FOCOL), which was oversubscribed by $5 million.
The offering of FOCOL Series F Preference shares was open to the public from April 15 to April 26, 2024. Due to strong demand from the investment community, the offering exceeded expectations by $5 million, reaching a new target subscription amount of $45 million.
The cumulative preference shares were offered at a rate of 6.25 percent and will mature on April 30, 2039. Investors were encouraged to submit applications as soon as possible as subscriptions were accepted on a first-come, first-served basis. The minimum investment required to participate in the offering was B$50,000, with the option to further subscribe in increments of B$10,000 thereafter. The first dividend payment is scheduled for October 31, 2024, with subsequent dividends to be paid every April and October until April 30, 2039.
FOCOL said that it intends to allocate the proceeds from the offering to various capital expenditure projects across multiple subsidiaries within the group. Company executives have confirmed that these projects will support the company’s growth strategy and position it to meet its customers’ evolving needs.
Earlier this month, FOCOL announced that its ordinary share offering was fully subscribed, resulting in a net gain of $25 million. The BISX-listed petroleum products supplier launched the rights offering in late February exclusively for current shareholders of FOCOL Holdings Ltd. to generate fresh capital to support its comprehensive expansion plans.
