Business

Mayberry Investment Limited, lead broker and financial adviser to Jamaican Teas Limited, said Wednesday that the allotment of shares under the initial public offering has been completed for the 291 applications from the public pool, with each subscriber getting at least 5,000 shares.

The remaining shares of the 27,000,195 that were floated last week will be distributed using a ratio of 0.494806367 relative to the amount of shares applied for per investor.

Total subscriptions, which came in to the broker within two minutes of the J$3.37 share offer opening on June 17, amounted to 53,693,419 units with a value of J$180 million. Jamaican Teas is seeking J$98 million.

Allotment for the 2.133 million shares that were reserved for employees, senior managers and newly appointed non-executive directors of the company at a discounted rate of $2.90 were fully allotted, as were the 435,500 units due to Mayberry in lieu of part payment for professional fees.

The new capital raised by Jamaican Teas Limited, formerly Tetley Tea Company Jamaica Limited, is earmarked for expansion.

Jamaican Teas is expected to list on the JSE Junior Stock Exchange in early July.

sabrina.gordon@gleanerjm.com