Monday, 23 January 2012 21:45
Kingston Wharves Limited (KW) and Jamaica Producers Group Limited (JP) have announced that JP has tendered a proposal to the Board of KW pursuant to which JP offers to subscribe for 357,550,000 ordinary shares of KW at a price of $5.00 per share. The total amount of the proposed equity investment by JP in KW is therefore $1,787,750,000 and the investment would result in JP holding 25% of the issued shares of KW. A term of the proposed transaction is that the Articles of Incorporation of KW be amended to allow minority shareholders holding 21% or more of the issued shares the right to appoint three directors. The current Articles allow a 51% shareholding vote to elect all Directors.
