FOCOL extends $25 million rights offering deadline

FOCOL extends $25 million rights offering deadline

NASSAU, BAHAMAS — FOCOL has announced the extension of its $25 million Rights Offering, initially set to close on March 22, 2024, now extended to Friday, April 5, 2024, due to the offering not yet being fully subscribed.

The BISX-listed petroleum products supplier launched the rights offering in late February exclusively for current shareholders of FOCOL Holdings Ltd. The company aims to generate $25 million in fresh capital to support its comprehensive expansion plans.

FOCOL announced on Tuesday that the extension follows a report from CFAL indicating significant subscriptions from FOCOL shareholders, though some shares remain unsubscribed.

Dexter Adderley, President & CEO of FCOL Holdings, expressed satisfaction with the initial response to the offering, stating, “We are pleased to see such strong support from our shareholders in the initial offerings. This demonstrates their confidence in FOCOL’s growth prospects and reflects positively on the company’s future.”

The offering marks the first offering of new shares to the public since the Initial Public Offering (IPO) in July 1999. Adderley emphasized the importance of this opportunity, stating, “As FOCOL continues on an ambitious path towards fueling growth for people, this Rights Offering represents a crucial step in our journey. It allows us to invest further in renewable energy solutions and shipping assets and related infrastructure. This further enables us to support our customers’ clean energy future while bolstering the efficient distribution of quality petroleum products throughout our network.” Adderley added, “These initiatives, and others, are aligned with our commitment to fostering economic growth, most importantly fueling growth for people.”