BLYTHE
THE UGI Group chief executive Neville Blythe is in discussion with NCB Capital Markets to carry out a private placement of shares in his company, the Financial Gleaner has been reliably informed by sources close to the talks.
The goal is to raise capital for the company and ultimately list the enterprise on the stock exchange.
However, a senior member of staff at UGI, General Manager, Andrea Gordon-Martin, denied that any such discussions were taking place. She said, "We are not in any negotiations with any other organisations for any strategic alliances or investments."
The UGI Group is the holding company for several entities involved in finance, general insurance, tourism, printing, communications and related businesses, the company website stated.
One of Jamaica's most successful businessmen, Mr. Blythe started his rise in 1971, with the establishment of Westmore Insurance Agency, gradually building his empire from that base.
The holding company encompasses United General Insurance Company Limited; Central Finance Corporation; Caribbean Loss Adjusters Limited; United Realtors Limited; Sweet River Resorts Limited - Operators of Golden Seas Beach Resort; Power Sun Jamaica Limited; Power Sun Jamaica Limited; X-News Limited; Guardian Insurance Brokers Limited; International Travel Services Ltd.; CVM Television; Teen Herald and ITMB Finance & Investments Limited.
The UGI Group has continued to expand, with the recent acquisition of Morgan's Harbour Hotel. Other companies have used the increased interest in the stock market to raise capital by offering a portion of their share to the public and UGI is said to have joined the queue.
