Innovative Energy Group (IEG) says its majority shareholder has cut its stake in the company to meet the Jamaica Stock Exchange's public ownership rules.
The company has advised the JSE and the investing public that IEC Energy Company Limited reduced its shareholding in Innovative Energy in line with the Exchange's 20% minimum public free float requirement.
IEC executed a series of shares sales on the open market on November 21 through a licensed broker, including a major block trade and several smaller transactions earlier in the day.
The company says the trades follow earlier smaller sales over the last two weeks, priced between $1.20 per share.
As a result of the sales, Innovative Energy Group now meets the JSE's main market rule that requires at least 20% of its ordinary shares to be held by the investing public.
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