The Government Of Antigua & Barbuda Announces The Divestment Of Ten Percent (10%) Of Its Shareholding In The West Indies Oil Company Limited


The Government of Antigua and Barbuda (“GOAB” or the “ Offeror”) announces that it will divest ten percent (10%) of its holdings in the West Indies Oil Company Limited (“WIOC”) commencing 24 March, 2021. This amounts to 301,920 ordinary shares. Fifty percent (50%) of the offer is reserved for public servants and the remainder for other citizens and institutions of Antigua and Barbuda, OECS and CARICOM in that order of priority. Where the offer is not fully subscribed according to the outlined preferential tiered order, the Offeror reserves the right to transfer the shares on a first come, first serve basis.


WIOC is an Antiguan company with a regional presence in the energy sector. Its principal activity of business is the sourcing, marketing, distribution and storage of petroleum products. WIOC was established in 1965 by Natomas and Amoco International Oil. The GOAB, a minority shareholder in WIOC since 1980, gained controlling interest in the Company in 2015, and currently owns fifty-one percent (51%) of the shares.


The share offer (the “Offer”) price is fixed at XCD60.00 per share with a minimum allocation of fifty (50) shares per applicant and maximum allocation of fifteen thousand, and ninety six (15,096) shares per applicant.  The Offer opens on 24 March, 2021 and runs until 21 April, 2021. In the event that the shares are oversubscribed, one hundred, forty-two thousand and eighty (142,080) additional shares will be made available.


The Government of Antigua and Barbuda is expected to raise approximately EC$18 million to be utilized to fund a number of its critical capital projects.


The Prime Minister of Antigua and Barbuda, the Honourable Gaston Browne, believes that this is a prime opportunity for citizens of Antigua and Barbuda.


“For over 50 years, the West Indies Oil Company Limited has continued to grow, generating profits of over $26 million dollars in 2019. By going public and offering shares in WIOC, our government is providing the opportunity for Antiguans and Barbudans to build wealth, secure retirement, diversify investment portfolios and build a secure financial future for your children.  The management and staff of WIOC have demonstrated their capacity via the profitability and sustainable growth of the company.  With the future of WIOC looking very bright we invite citizens of Antigua and Barbuda to seize the opportunity to become a part of the ownership of WIOC. My Government believes that an investment in WIOC will be an investment in your family’s future and the development of our nation’s economy.”  said Prime Minister Gaston Browne.


Gregory Georges, Chief Executive Officer of WIOC commented that the Board of Directors, Management and Staff are committed to successfully guiding WIOC’s strategy with the goal of creating value for their shareholders and all stakeholders, in particular, its customers and employees in the communities in which it operates.


“Over the past 50 years, WIOC has emerged as a strong and stable company, playing an integral role in the lives of the people of Antigua and Barbuda. The dedication, professionalism and experience of our management team and employees, their commitment to the core values, mission and vision of the company, are evidence of our continued growth and expansion.”


The Offer is subject to the laws of Antigua and Barbuda, specifically the Securities Act 2001 and the Companies Act 1995.


Lead Arranger:

FirstCaribbean International Bank (Barbados) Limited – Barbados

Michael Mansoor Building, Warrens, St. Michael | Barbados BB 22126


Co – Arranger and Principal Broker:

Bank of Saint Lucia Limited.

#1 Bridge Street, P O Box 1860, Castries LC04 101 | Saint Lucia


The Broker Dealer:

Bank of Saint Lucia Limited.

Mr. Lawrence Jean

Tel: 1 (268) 736-2137 or 1 (758) 724-6898

E: [email protected]


Ms. Deesha Lewis

Tel: 1 (758) 456-6684 or 1 (758) 712-8912

E: [email protected]


This advertisement does not constitute a recommendation by the Joint Lead Arrangers, the Offeror or WIOC to any recipient of this material in relation to this Offer. Each person should consult with a financial advisor licensed to provide financial advice by the Eastern Caribbean Securities Regulatory Commission before making any investment decision. Prospective investors understand that there are risks involved in acquiring or holding the securities being advertised. Securities may fluctuate in value in money terms and the investor may not get back the amount invested. Income (dividends) from the securities may fluctuate in value in money terms. The securities are not traded on the Eastern Caribbean Securities Exchange so it may be difficult for investors to sell the security or to obtain reliable information on its value or the risks to which it is exposed. Prospective investors understand that any forward looking statements made do not constitute guarantees of future performance and involve assumptions, uncertainties, risks and various factors that are difficult to predict and may cause forecasts to materially differ from reality.


Visit our website at to access application forms and to download a copy of the Prospectus.

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  1. Only the government will immediately gain ,the common folks will suffer first before they begin acquiring interest rates from those same share they offering the general public . Why a set price for a company no one knows ifs under or over valued ? With the rise of oil ,why gamble people’s livelyhood?

  2. I’m confused. Isn’t this the same Government that proposes to be completely dependent on green (renewable) energy by 2050. Who will invest in a Co. that will have no future if this is the case. Or is the GREEN label just lip service?

  3. $60 per share x 50 minimum=$3,000.The price is a bit much in this time of a guava crop.The money trees in Antigua and Barbuda are drying up very speedily.If you wish to buy.My suggestion is get a few of your friends and relatives together.Pool your finances,those of you who have any excess dollars.Buy as many shares as a team.Just make sure among yourselves.You would draw up a binding contract to cover all bases.What are the real reasons.Why the Government is selling those shares in West Indies Oil Storage Company.
    Just an FYI:When you purchased shares into any Company.You are taking a risk.Companies stocks in the Markets go up and down like a yoyo on a string.You have to have an iron gut in some instances.

  4. The people of Antigua and Barbuda elect a group of people to handle their affairs on their behalf for a period of five years. They are required to make decisions in the best interest of the people. The money in the treasury belongs to the people of Antigua and Barbuda. The elected ones took some of this money out and purchased shares in WIOC for and behalf of the people of Antigua and Barbuda. The shares therefore belong to the people of Antigua and Barbuda. This is good. The financial returns (dividends), if any, are returned to the people of Antigua and Barbuda in aggregate through the treasury. However, the elected ones decided to sell a portion (10%) of the shares owned by the people of Antigua and Barbuda to the people of Antigua and Barbuda. This is not a good proposition, the people of Antigua and Barbuda will be buying back shares they already own in aggregate but now the elected ones want Antiguans and Barbudans to own them individually through exchange in getting $18M from the people of Antigua and Barbuda for shares they already have. This does not appear to be good. Whilst the concept of individual shares ownership is desirable, it is believed that it is a slip or an oversight by the framers of the proposal. This should be corrected. To correct the assumed misstep (the conversion of shares owned in aggregate by the people of Antigua and Barbuda to shares own by individual Antiguans and Barbudans), the following is proposed: 1.To stop the sale of shares to Antiguans and Barbudans immediately. 2. All individual shares purchased by Antiguans and Barbudans should be refunded immediately (because of double purchase: indirect and direct). 3. The shares that are owned by the people of Antiguan and Barbuda that are for sale should be offered for sale to non-Antiguans and Barbudans, and companies first. The proceeds from the sale go to the people of Antigua and Barbuda in aggregate via the treasury. 4. These companies, and non-Antiguans and Barbudans can now sell their shares to Antiguans and Barbudans. This sale would have a higher shares ownership legitimacy. 5. If the mantra of the elected ones is to empower Antiguans and Barbudans by the individual ownership of shares, then WIOC, should be encouraged to sell shares to Antiguans and Barbudans. The elected ones should not be encouraged to sell the shares owned by Antiguans and Barbudans in WIOC to Antiguans and Barbudans.
    Just a concern expressed here.

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