Welcome to our dedicated page for Fortis news (Ticker: FTS), a resource for investors and traders seeking the latest updates and insights on Fortis stock.
Fortis Inc. reports developments as a North American regulated electric and gas utility company with operations serving customers in Canada, the United States and the Caribbean. News about FTS commonly covers quarterly and annual results, regulated utility rate matters, capital spending plans, transmission and distribution investments, utility debt funding, and dividend declarations on common and preference shares.
Recurring Fortis updates also include annual meeting matters, director elections, auditor appointments, advisory compensation votes, disclosure-document filings, and investor presentations. Company releases often connect operating results to regulated rate base growth, service-territory investment, reliability projects and the financing needs of its utility portfolio.
Fortis, through its subsidiary Fortis Energy (Bermuda) Ltd., has committed to a rights offering by Caribbean Utilities Company, Ltd. (CUC), aiming to issue up to 3,359,362 Class A Ordinary Shares. Fortis will acquire at least 1,946,032 CUC Shares at US$14.24 each, totaling approximately US$27.71 million. If fully subscribed, this could increase Fortis’s ownership from 58% to approximately 62% of CUC. The capital raised will help CUC refinance existing debt and support its corporate needs. The rights offering is expected to close around October 28, 2020.