The offer, which resulted from an agreement between the Government of St Kitts & Nevis and Cable and Wireless (West Indies) Ltd, attracted applications for 2,545,350 shares, representing an over-subscription by 883,812.
At the close of the offer, citizens and residents of St Kitts & Nevis, including domestic corporate entities, had submitted over 1,800 applications through the two contracted intermediaries, St Kitts-Nevis-Anguilla National Bank Ltd and The Bank of Nevis Ltd, for amounts ranging from 100 to 200,000 shares. At the offer price of $5.00 per share, the aggregate value of these applications was $12,726,750.
The shares were sold by fixed price auction using the primary market platform of the ECSE. In accordance with the terms of the offer, all eligible individual applicants have been successful in the auction and will be allotted the shares applied for up to a maximum of 6,563 shares.
Four days earlier, the Government of Antigua and Barbuda 91-day, $17 million Treasury bill issue, auctioned on the Regional Government Securities Market using the primary market platform of the ECSE, was oversubscribed by EC$40.6 million.