Ciboney Shareholders Agree On Company Name Change

• Ciboney Group Limited (CBNY) announced that its shareholders have agreed to rename the company at its most recent annual general meeting in December. The resolution was passed for the company to be called Innovative Energy Group (IEC).
• IEC Energy Company Limited is a St. Lucia-based holding company/special purpose vehicle (SPV) incorporated to acquire the majority interest in CBNY. It was owned by Wiltshire Consulting and Advisory Group Limited and was transferred to Innovative Energy Company Limited.
• IEC purchased 393,732,417 shares or 72.1122% of the share capital on June 29, 2023, from the following former majority shareholders - FINSAC Limited (200,185 shares), Trumpton Limited (223,406,286), Jamaica Mutual Life Assurance Society (641,810 shares), Eagle Merchant Bank of Jamaica Limited (32,029,376 shares), and Crown Eagle Life Insurance Company Limited (137,454,760 shares).
• Of note, shareholders also agreed to increase the number of shares from 546Mn ordinary shares of no par value to No Maximum number of ordinary shares of no par value to facilitate the proposed subdivision of the existing ordinary shares in the capital of the Company.
• Ciboney Group was formerly a major investor in the Ciboney Hotels and Villas in Ocho Rios, St. Ann. However, the financial meltdown in the 1990s saw Ciboney's properties being sold off by the Financial Sector Adjustment Company (FINSAC), which was the majority shareholder in the distressed financial companies.

 (Source: JSE)