Jamaica’s FosRich Company Limited, a leading lighting and energy company, is directing its focus toward meeting the growing demands of Guyana’s oil-driven economy. The company’s recent achievement of raising J$900 million (US$5.78 million)through a bond offering, facilitated by JN Fund Managers, has positioned it to capitalize on several opportunities here.
According to Cecil Foster, Managing Director of FosRich, the proceeds from the bond will primarily fuel the acquisition of raw materials, essential for fulfilling the demand for PVC pipes and electric transformer repairs in Guyana. Foster emphasized the strategic importance of this move, stating, “We think our PVC pipe is a very ripe product for that market. So we are there right now bidding to the Government to supply pipes for these infrastructural projects…So we need the funds to make sure that we have more raw materials to supply on demand.”
It was noted that Guyana’s recent announcement of a substantial budget increase, particularly allocated to infrastructure projects, further underscores the potential for growth in the region. Foster, drawing from his experiences and engagements in Guyana, said he sees various avenues for expansion, including participation in electricity transformer repairs and solar projects, in collaboration with partners such as Huawei.
Moreover, FosRich has solidified partnerships with key players in Guyana’s infrastructure development, such as China Harbour Engineering Company (CHEC). Contracts secured by CHEC from the Guyanese Government for significant projects like airport renovations and bridge construction present additional opportunities for FosRich to contribute.
Despite these ambitious endeavors, Foster clarified that FosRich does not intend to establish physical presence in Guyana. Instead, they aim to efficiently leverage existing relationships and infrastructures to maximize their impact in the market.
Regarding the bond’s purpose and potential future initiatives, Foster hinted at the possibility of an additional public offering (APO) and debt management strategies. While the specifics remain undisclosed, FosRich appears poised to navigate the evolving landscape of Guyana’s market with strategic financial planning and targeted expansion efforts.
