Durrant Pate/ Contributor

IEC Energy Company Limited (IEC), the major shareholder in the listed company, Innovative Energy Group Limited, is selling a portion of its ordinary shares in the entity on the open market.

This is being done as part of Innovative Energy Group’s commitment to maintaining the public float requirements under Rule 402B(i) of the Jamaica Stock Exchange (JSE) Main Market Rules, so that at least 20% of its issued share capital is held by the public. 

IEC holds 1.10 billion shares, representing an 83.931% ownership stake of Innovative Energy Group, which trades as ENERGY and is in the business of developing, financing, constructing, and operating energy projects, particularly in clean energy solutions. 

Not in breach

In a notice published on the JSE website on July 21, ENERGY is reporting that is not in breach of Rule 402B(i) of the Main Market Rules for purposes of the imposition of any penalty under Rule 402C(ii) (including suspension, fines, or delisting), as the company qualifies for the exception noted in Rule 402C(iii) of the Main Market Rules on the following bases:

1.⁠ ⁠ENERGY has maintained the minimum requirement for 100 shareholders;

2.⁠ ⁠The public float is presently less than 20% and

3.⁠ ⁠ENERGY’s average traded volume exceeds the 2% threshold over a 36-month period.

Details of share offer

Notwithstanding its qualification for the exception, it is intended that the 20% public float be restored. Accordingly, IEC will offer for sale 51.74 million ordinary shares, representing approximately 3.931% of ENERGY’s issued share capital, on the open market through a licensed broker-dealer during regular trading sessions.

The sale of these shares will commence within 10 business days of yesterday’s notice and is expected to be completed within six months, or such extended period as may be approved by the JSE. The shares will be sold in the ordinary course of trading on the Exchange. 

The purpose of the notice is to provide information to the market, including shareholders of ENERGY, and to comply with its obligation to provide such information. IEC is actively involved in solar power in Jamaica, aligning with Jamaica’s national goal to achieve 50% renewable energy generation by 2037. 

It is working with Huawei to deploy solar energy projects using Huawei’s digital power technology. Furthermore, IEC is involved in projects aimed at making airports and other facilities in the Caribbean more energy-efficient. 

IEC is working with MBJ Airports Limited, operator of Sangster International Airport, to implement a solar project, aiming to make the airport a leader in green energy in the Caribbean.