Local investment firm Barita Investments Limited has finalised the details of its additional public offer (APO), which opens next month.

Subscription to the APO for 200 million ordinary shares opens on August 26 and closes three weeks later on September 16. In the event that the APO is oversubscribed, Barita reserves the right to upsize the offer by an additional 100 million shares.

The price per share has been fixed at between $48.00 to $53.00, which represents a discount as the current trading price is $57.56. The company expects to raise upwards of $1.45 billion from the APO.

The capital raised will be used for pipeline investments and boosting the company’s capital base. Barita has reserved new ordinary shares for the benefit of certain specified investors at prices to be determined at the discretion of the company.

The out-turn for the last six months saw Barita recording a profit of $1.01 billion, which represents a 95.9 per cent increase over the net profits of $516.7 for the corresponding period in 2019.

The profit out-turn for the six-month period ended March 2020 represents Barita’s highest net profit for this period in its history.