Jamaica News: Minister of Science, Energy and Technology, Hon. Fayval Williams, broke ground on Tuesday (November 19) for FosRich Company Limited’s new warehouse and distribution centre at the entity’s headquarters at 76 Molynes Road in Kingston.
Construction of the 30,000 square-foot building will begin in two weeks.
FosRich, established in 1993, is a major distributor of lighting, electrical and solar energy products, including water heaters, solar photovoltaic systems, light-emitting diode (LED) and induction lighting.
Minister Williams said she is pleased to be a part of the ground-breaking activity, noting that the new warehouse will allow for FosRich to increase its stock of goods, providing Jamaicans with more energy-efficient options.
“As stipulated in our national energy policy, we want Jamaicans to use energy wisely and aggressively pursue opportunities for conservation and efficiency,” she noted.
Minister Williams said that FosRich is one of the major suppliers of energy-efficient electrical products in Jamaica, with revenue of $764.4 million for the first six months of the year, representing a 26 per cent increase over the same period in 2018.
“Energy is big business and it’s a crucial pillar in our national development plan, Vision 2030, which envisions Jamaica having a modern and efficient energy sector, which provides us with affordable and reliable energy supplies,” Mrs. Williams said.
“As a Ministry, we are on a mission to secure Jamaica’s energy future through diversification, alternative sustainable and environmentally friendly energy sources, energy conservation and energy efficiency,” she added.
In his remarks, Chief Executive Officer of FosRich, Cecil Foster, explained that the construction project is the first phase of a major expansion of the company’s Corporate Area location through financing from GraceKennedy (GK) Pension Scheme.
He said that phase two will include full development of approximately 110,000 square feet of space over the next two years to incorporate food, entertainment and other facilities.
Trustee, GK Pension Scheme, Terry-Ann Graver, in her remarks said her organisation is pleased to partner with FosRich for an investment of this nature for the first time.
“The very essence of a good pension plan is longevity through sustainable and prudent investment decisions. Therefore, more active fund management is required… and this includes partnerships with strong, forward-thinking, viable entities such as FosRich, which augur well for continuity,” she said.
Chief Executive Officer, Proven Wealth Limited, which manages the GK Pension Scheme, Johann Heaven, said that the investment was made possible due to recent amendments to the pension regulations.
He noted that under the legislation, which was passed and gazetted in September, pension funds can now invest in a wider range of assets.
“This is a great relief for us pension fund managers, because it has opened up the scope and the range of assets that we can invest in,” Mr. Heaven said.
Source: JIS News