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Antigua: Outsiders Request Purchase of WIOC Shares, Government Faces a Possible Injunction Over the Sale of Shares


(Antigua Observer) It has been less than a week since the beginning of the sale of 10 percent of the government’s shares in the West Indies Oil Company (WIOC), and already, outsiders are scrambling for a slice of the pie.

This means that Antiguans and Barbudans may have to move with haste if they wish to purchase at least 50 shares in the oil company.

Chief Executive Officer of the West Indies Oil Company, Gregory Georges, said that a number of foreigners have already shown great interest in the venture.

“I think because we have such an excellent business model which is flexible and agile, we have excellent gross perspective, our cash flows have been strong, it’s not surprising that the response from the institutional investors outside of Antigua is phenomenal. To the point where the brokers have actually called me… and they say they’ll buy all the shares,” he disclosed.

The share offer price is fixed at $60.00 per share with a minimum of 50 shares per applicant, and a maximum of 15,096. The offer opened on March 24 and ends on April 21, but if the shares are over-subscribed 142,080 more shares will be made available.

On the other hand, this news is not welcomed by Half Moon Bay Holdings (HMB).

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