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MaruEnergy JPSCO Cuts Share Capital

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MaruEnergy JPSCO III Limited has reduced its share capital by US$98 million and transferred the funds to retained earnings, the company disclosed earlier this month.

The sum, the company said, is “not represented by any of the company’s realisable assets”. Realisable value is the gain through sale of existing assets.

Marubeni Corporation, a top shareholder in Jamaica Public Service Company, said the MaruEnergy transaction has nothing to do with JPS nor does it affect its equity share – 40 per cent – in the power utility, after attempting to scold the Financial Gleaner for querying the transaction through JPS’ communications unit.

Published in The Gleaner
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