Cuban investment company LeniGas Cuba (ISDX:CUBA) has been admitted to trade on the ICAP Securities & Derivatives Exchange, an FCA regulated exchange based in the UK. This is the first public Cuban company that focuses entirely on investments in the Caribbean country, ISDX said in a statement.
Firm Looks to Cover Several Industries
For the moment, LeniGas Cuba is focusing on two sectors, tourism and energy, but is looking to enter other industries, such as agriculture, commerce and manufacturing. It’s a member of the Caribbean Council, an international trade advisory body focused on the region, and its Cuba Initiative – a project aimed at strengthening the ties between the UK and Cuba, fostering the trade and investment relations between the two countries.
Commenting on the news, LeniGas Cuba’s Executive Chairman David Lenigas said: “The process of normalising relations between the US and Cuba is a historical event which has produced a large number of exciting opportunities to invest in the Cuban economy, and LeniGas Cuba is seeking to capitalise on these. We have completed our fundraising and have chosen to use the ISDX platform in the UK because of its traditional and customer-centric approach that resonates with both companies and investors alike.”
ICAP’s Chief Executive Officer Michael Spencer said: “We are pleased to welcome LeniGas Cuba to ISDX – they join a growing number of companies who are choosing to work with us. ISDX is developing an offering that provides companies and investors with a service that supports their needs and as a result ISDX is growing to become an increasingly important exchange.”
LeniGas Cuba was set up this spring, with David Lenigas controlling 28.6 percent of its capital as of November 1, and finance director Donald Strang holding a 14.3 percent stake. Entrepreneur Eddie Jordan holds a 3.6 percent interest in the company. LeniGas Cuba’s owners raised £4.5 million before the flotation. No details have been disclosed as yet regarding the amount of shares to be offered on ISDX.
By Irina Slav, Finance Magnates
November 2, 2015