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News from the Caribbean as of
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Caribbean postal service plans share sale in London
Wednesday, September 27, 2006
LONDON, England (Bloomberg): SkyPostal, which delivers mail in the Caribbean for clients including Deutsche Post AG and American Express Co., plans to sell shares in London to raise money to complete its satellite mail-tracking system.
The Miami-based company aims to raise $10 million in the sale, giving it a market value of $27 million, according to an e-mailed statement today. SkyPostal will be listed on London's Alternative Investment Market.
Money raised in the sale will also be spent on recruiting staff and marketing costs, the company said.
About 30 percent of mail is lost in Latin America and the Caribbean because of lack of investment in state-run postal services, SkyPostal said. The company's PosTrac satellite mail-tracking system will recognize the precise location of items and assign digital area codes in countries which do not have postal codes.
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