Fortis Subsidiary Commits $51M in Standby for Caribbean Utilities Rights Offering, Boosts Stake to 62%
Portfolio Pulse from Benzinga Newsdesk
Fortis Inc. (NYSE:FTS) is increasing its stake in Caribbean Utilities Company, Ltd. (TSX:CUP) through a $51M standby commitment for a rights offering. This move could boost Fortis' ownership in CUC to 62% if no other subscribers participate. The capital raised will fund CUC's energy projects and system upgrades.
September 23, 2024 | 10:07 am
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Fortis Inc. is committing $51M to a rights offering by Caribbean Utilities, potentially increasing its stake to 62%. This strategic move supports CUC's energy projects and could enhance Fortis' influence in the company.
Fortis' $51M commitment to Caribbean Utilities' rights offering is a significant investment that could increase its stake to 62%. This move is likely to strengthen Fortis' position and influence in CUC, supporting its strategic goals in the energy sector.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 90