Full take-up on COK share offer

COK Sodality's deferred share offer, Wealth Supreme, has been fully subscribed.

The offer hit its J$300-million target on July 15, two working days ahead of its official closing date of July 18.

The credit union said the plan was aimed at broadening the range of products offered to members.

"This is a historic and significant move by the credit union movement, as it signals the first time that a credit union has gone to the market to raise such a large sum," said Jacqueline Mighty, CEO of COK Sodality Co-operative Credit Union, in a company statement.

Wealth Supreme was a variable rate five-year offer, with an initial coupon rate of 7.85 per cent for one year.

Interest will be paid monthly.

After year one, interest will be calculated at 1.5 per cent above the six-month weighted average Treasury bill yield (WATBY+1.5%).

The six-month bill is currently yielding 6.61 per cent.

The offer was brokered by MoneyMasters Limited, an investment company in which COK is co-owner.

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