GK to delist in two markets
Published:Wednesday | March 24, 2010 | 12:00 AM
Conglomerate GraceKennedy Limited has decided to delist from the Barbados and Eastern Caribbean stock exchange, citing low levels of trading in those markets.
"The low levels of trading in GraceKennedy's stock on both these exchanges do not justify the costs associated with maintaining the listings," said the Jamaican company, whose businesses straddle food, retail and financial services.
The company has 5,611 shareholders registered in Jamaica and 1,504 in Trinidad, but only 64 registered in Barbados and 45 in the Eastern Caribbean Central Securities Depository.
GraceKennedy was listed on the Barbados Stock Exchange on October 1999, and on the Eastern Carib-bean Securities Exchange six years later in 2005.
The delisting of the stock from the exchanges will take effect June 30, 2010.
The stock will remain listed in Jamaica where it currently traded unchanged Tuesday at J$66, and in Trinidad where it also traded unchanged Tuesday at TT$4.50 But the company will, however, continue to trade on the Jamaican and Trinidadian stock exchanges.
It last traded January 14 in Barbados and closed at BDS$1.
GraceKennedy said the affected stockholders wishing to continue trading their shares could transfer their holdings to either the Jamaica Central Securities Depository or the Trinidad and Tobago Central Securities Depository.