Last Friday was the final day for residents to purchase their stake in West Indies Oil Company (WIOC).
The government of Antigua and Barbuda announced in March that it was divesting 10 percent of its holdings in the oil company.
Fifty percent of the offer was reserved for public servants and the remainder for other citizens and institutions of Antigua and Barbuda, the OECS and Caricom.
The share offer price was fixed at EC$60 per share with a minimum allocation of 50 shares per applicant.
The offer was to end on April 21 but was extended to May 21.
CEO of the oil company, Gregory Georges, told Observer the investments are now being collated.
“Our brokers are in the process of tallying up the details so they can meet the deadline date for the settlement of the allotment of shares which is … May 27,” he shared.
He continued by saying that prior to the settlement he was precluded from discussing details of the investment “as per the approval that we received from the Eastern Caribbean Securities Regulatory Commission”.
In the event that the shares are oversubscribed, 142,080 additional shares will be made available.
The government, a minority shareholder in WIOC since 1980, gained controlling interest in the company in 2015, and prior to the sale owned 51 percent of the shares.