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Sterling Investment to seek funding via rights issue

Charles-Ross

Sterling Investment Limited (SIL) plans to hold a rights issue by March in order to raise capital.

It would represent the first public round of funding since the company went public last October.

“We haven’t determined the size yet, but it would be a non-renounceable rights issue of ordinary shares,” stated an SIL manager knowledgeable on the matter but who opted to speak on condition of anonymity because of company protocol.

Sterling listed by introduction its 4.01 million ordinary shares on the Jamaica Stock Exchange (JSE) at a price of $134 per share.

“It was a listing by introduction… and now we are doing the rights issue to raise capital for the first time since the public offer,” added the manager.

Published in the Observer
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