Flow Jamaica aiming to buy out minority shareholders

12 Jan 2018

Cable & Wireless Jamaica (CWJ), which trades as Flow Jamaica, is offering JMD4.35 billion (USD34.9 million) – or JMD1.45 per stock unit – to buy out its minority shareholders, Loop Jamaica has reported. The offer on the Jamaica Stock Exchange (JSE) notes: ‘The offeror at the present time does not intend to make any material changes to the business strategy and operations of the company and is focusing on building and expanding the business with a view of maximising shareholder value.’

Once it has received acceptances of 90% or more in value, and 75% or more in minority-held stock in CWJ, the company will seek to ‘exercise its rights under the Companies Act of Jamaica to compulsorily acquire the shares of all other shareholders, including those who have expressly dissented or have failed to respond to this Offer’. The offer, which has been submitted by CWC Cala Holdings Limited, will remain open until 31 January.

Cable & Wireless Communications (CWC) – now part of Liberty Latin America (LLA) – owns 82% of the Jamaican unit, alongside its affiliate Kelfenora Limited.