GAM Capital Announces Issuance of New Shares of its Flagship Dominican Energy Fund
This issuance of shares of the GAM Energia closed-end fund would mark the first time that Dominican citizens' contributions to their Pension Funds would be able to be invested in share capital of renewable energy companies.
SANTO DOMINGO, Dominican Republic, July 29, 2019 /PRNewswire-PRWeb/ -- Within the context of the Dominican Republic's 1st Green Finance Forum [known in Spanish as 1er. Foro de Finanzas Verdes (FIFV)] organized by the Dominican Republic Stock Exchange (BVRD), Raúl Hoyo, GAM Capital's Managing Director, announced that the country's Securities Superintendence had just approved the issuance of new shares of GAM Energía, amounting to USD$25 million, for all professional and institutional investors in accordance with the fund's Prospectus, including Dominican Republic's main Pension Funds.
Hoyo stressed that GAM Energía intends to invest the subscribed funds in the equity capital of an existing and operational renewable energy project in the country. If the operation is materialized, it would mark a major milestone for the Dominican Republic's capital market since it would be the first time that Dominicans' pension contributions would be allocated to the share capital of a renewable energy project, through a fund. "We feel honored about this contribution to the improvement of the composition of the sustainable energy matrix in the country and, in turn, to increase the average yield of the Pension Funds with the end goal of improving the probability of a decent pension for all Dominicans," said Raúl Hoyo.
GAM Energía was founded in 2015 as the first Corporate Development Fund in the country, in which the nature of investments can range from equity capital to debt. It is the first infrastructure, energy, and telecommunications focused fund in the Dominican Republic and the largest nationwide as measured by its Assets Under Management.
About GAM Capital
GAM Capital, S. A. is an Investment Fund Management Company established in 2002 under the laws of the Dominican Republic. Duly authorized by the Superintendence of the Stock Market of the Dominican Republic [known as Superintendencia del Mercado de Valores de la República Dominicana (SIMV)] to operate as an Investment Fund Management Company in the country, it is aimed at promoting and developing the Dominican Stock Market. GAM Capital, S. A. currently manages the largest closed-end investment fund in the Stock Market Registry.
SOURCE GAM Capital
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