Proven Investments says it will sell a portion of its stake in Barbados-based Roberts Manufacturing Company Limited to boost liquidity and reduce its debt.
The company says it also plans to resume dividend payments to shareholders, after its last payout in July of last year.
The sale will be done through an initial public offering valued at US$30.2 million, in partnership with Trinidad-based ANSA McAL Limited.
Proven's current 50.5 per cent stake will be reduced to 25.5 per cent following the IPO, while ANSA McAL's shareholding will fall from 49.5 per cent to 25 per cent. Both entities are expected to retain joint control of the company.
The shares will be listed on the Barbados Stock Exchange.
The issue which opened on April 16 will be closed on May 7.
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