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Growth & Jobs | JN Fund Managers raises funds for FosRich to commence operations in Guyana

Published:Tuesday | March 12, 2024 | 12:05 AM
Cecil Foster (sitting at left), chief executive officer of FosRich Company Ltd, shakes hands with Brando Hayden (sitting at right), managing director of JN Fund Managers Ltd following a signing agreement to formalise the successful execution of $900 millio
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Cecil Foster (sitting at left), chief executive officer of FosRich Company Ltd, shakes hands with Brando Hayden (sitting at right), managing director of JN Fund Managers Ltd following a signing agreement to formalise the successful execution of $900 million bond raise for FosRich Company Ltd. Sharing in the moment are (standing from left): Peter Knibb, chief financial officer, FosRich Company Ltd; Tresan Martin, marketing officer, FosRich; Kerry-Ann Gray, marketing manager, FosRich; Domenic Willams, corporate finance analyst, JN Fund Managers Ltd; Howard Lewis, credit solutions analyst, JN Fund Managers and Natalie Brown, head of investment banking, JN Fund Managers Ltd. The signing took place on Wednesday, March 6 at the offices of JN Fund Managers on Belmont Road in Kingston.

JN Fund Managers Limited has successfully arranged the execution of a $900 million debt raise for FosRich Company Limited.

FosRich Company Limited, a leading provider of electrical and lighting solutions, will be using the capital injection to commence operations in Guyana, with a particular focus on expanding its service offering in PVC manufacturing, transformer repairs, and solar business.

The decision to raise debt capital reflects FosRich’s commitment to capitalising on growth opportunities in Guyana’s burgeoning market while further diversifying its product and service portfolio. With a track record of delivering high-quality electrical solutions and a strong reputation for reliability, FosRich is well positioned to capitalise on the growing demand for infrastructure development and maintenance in the region.

Commenting on the successful debt raise, Cecil Foster, chief executive officer of FosRich Company Limited, stated, “This raise will afford us the chance to finance the expansion plans of the company. The SOLID PVC pipeline of products we manufacture means a lot to us at FosRich, and by extension, the country as we are encouraging all Jamaicans to buy Jamaican, employ Jamaicans, and build Jamaica.”

Natalie Brown, head, investment banking at JN Fund Managers Limited, reaffirmed the company’s dedication to supporting both large enterprises and small and medium enterprises in leveraging Jamaica’s capital market.

“JN Fund Managers has consistently served as a dependable financial ally, aiding businesses in meeting their capital requirements. The successful fundraising for FosRich further validates this reputation,” she said.