The West Indies Oil Company Limited, (WIOC) – continues its divestment of ten percent (10%) shares owned by the Government of Antigua & Barbuda (GOAB). A new closing date of May 21, 2021 has been set and will allow for further investor engagement with the public. Additionally, an amendment to the prospectus allows for the maximum share per applicant to increase from 15,096 shares to 50,000 shares.
The decision to divest shares is a result of the GOAB making good on its commitment of creating an opportunity for Antiguans & Barbudans to become shareholders of WIOC; the first private Antiguan & Barbudan non-financial institution to go public.
WIOC has experienced consistent growth across its business throughout the years with the pre-COVID period in the financial year 2019, recorded profits amassing over $26 million dollars. In 2020, despite the negative impact of reduced traffic at the VC Bird International Airport and limited business with key customers in the hotel and restaurant sector, WIOC generated net income of $14.5 million dollars. CEO Mr. Gregory Georges considers the 2020 performance commendable and a reflection of the Company’s resilience and diversity.
Mr. Georges commented that “although 2020 saw a decline due to the ongoing COVID-19 pandemic, his expectation is that the company will return to pre COVID-19 levels of revenue and earnings after 2022”. He commented further that he is confident in the Company’s strategic thrust which includes the following projects and initiatives:
- Investment in renewable energy
- Rebranding and upgrading of service stations
- New partnership in fuel supply at the VC Bird International Airport
The CEO gave special mention to a Business Park project on Friars Hill Road, adding that the groundbreaking is planned for later this year. “With a healthy portfolio of innovative projects combined with a committed and talented team of employees, the future of WIOC looks bright” ended Georges.
Additional information and Prospectus can be found at www.westindiesoil.com/invest