Mahfood family sold over 111.8m Wisynco shares

On Friday almost 112 million shares in Wisynco Group traded with a value of $1.16 billion. “Yes the family sold 111,820,000 units on Friday with four pension funds taking up the block,” William Mahfood Chairman of Wisynco advised IC Insider.com.
Mahfood advised that when the family took the decision to go public the intension was to have sold 4 percent of the share the company to the public by way of new shares and 19 percent of the existing shares. Ahead of the initial offering a decision was made to sell only 20 percent of the company to the public with the balance to be sold after.
The sale of the shares on Friday was full filling the original decision taken which reduces Wisynco Group Caribbean Ltd holdings to just over 74 percent of the total shares issued or 2.776 billion units. Mahfood says there are no plans to sell any more shares.