Come June 30th, one of the Caribbean’s largest conglomerates will no longer have a presence on the Barbados Stock Exchange (BSE) or the Eastern Caribbean Securities Exchange (ECSE).
GraceKennedy Limited announced yesterday that is has decided to delist, primarily because of “the low levels of trading in GraceKennedy’s stock on both these exchanges which do not justify the costs associated with maintaining the listings”.
The company will, however, continue to maintain the listings on the Jamaica and Trinidad and Tobago stock exchanges.
In seeking to demonstrate the low trading levels in Barbados and the Eastern Caribbean, GraceKennedy pointed out that as of December 31st, 2009, only 64 of its stockholders were on the Barbados Central Securities Depository (BCSD) and 45 stockholders on the Eastern Caribbean Central Securities Depository (ECCSD).
That was a small fraction of the 1,504 stockholders on the Trinidad Central Securities Depository and 5,611 on the Jamaica Central Securities Depository, the GraceKennedy main register.
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