Here’s your chance to own more than 10% of the largest wind farm in Jamaica – Wigton!

Renewable energy company Wigton, recently removed its limit on shareholding.  And local, regional and international investors are reportedly already lining up to take a larger stake!

When Wigton listed on the Jamaica Stock Exchange in 2019, it had a 10% shareholder cap. This stopped any one shareholder from owning more than 10% of the company for the first five years after listing. 

I’m not quite sure why Wigton had this cap in the first place. I’m guessing it was to ensure shareholder diversity since the government was selling.  They had a social objective to get as many Jamaicans as possible to own shares in this asset.  So they probably didn’t want a few wealthy people gobbling up all the shares.  But if that’s the case, why limit it to five years?

See, the more shares you own, the more say you have in the company’s operations and decisions. And the more money you earn in dividends.

Now the shareholder cap expired on April 17, so shareholders are now free to own more than 10% of Wigton. 

As of December 31, 2023, the top ten shareholders in Wigton were all institutional investors, including Mayberry Jamaican Equities, VMBS and National Insurance Funds.

According to this article in the Jamaica Observer, since the cap expired, international investors such as global asset management company, Cacao Holdings have already been buying into the company. 

Renewable energy is one of those areas that investors are trying to get into now. Jamaica has a goal to reach 50% renewable energy generation by 2030, which is a very ambitious target. 

So, Wigton as one of the only listed renewable energy companies in Jamaica, has a lot going for it. They’ve been shortlisted for JPS’s upcoming development of three renewable energy plants totalling 300 megawatts. They’re also waiting for updates on their bid for the Generation Procurement Entity’s (GPE) recent request for 100 mega-watts.

Now in terms of its stock’s performance, Wigton has consistently performed well. The stock closed on April 26 at $1.11. That’s up 40% since the start of the year.

And that’s the bottom line.