GHL shares to be delisted in J’ca
By year’s end...
Guardian Holdings Ltd (GHL), now called the Guardian Group, yesterday confirmed it has voluntarily applied to the Jamaica Stock Exchange (JSE) to have its shares delisted from the JSE pursuant to Rule 411B.
The JSE, in turn, has approved GHL’s request, Guardian said in a statement.
The action by GHL was reached after it undertook a thorough analysis of the costs and benefits of maintaining its dual listing on the Trinidad and Tobago Stock Exchange (TTSE) and the JSE.
According to the company, trading activity on the JSE represents less than 1.5 per cent of the overall trading activity in GHL shares.
As a result of this voluntary move, GHL will close its register on December 24 and its shares will be delisted on December 31. Thereafter, Jamaican investors can continue to trade GHL shares through the Trinidad and Tobago Stock Exchange, where its shares will trade as normal, the company said.
Commenting on the decision, group chairman Arthur Lok Jack stated GHL maintains a strong long-term commitment to Jamaica, and the delisting should be viewed strictly in the context of the cost/benefit analysis.
The group will continue to hold a leadership position in the Jamaican insurance industry through its subsidiaries, Guardian Life Ltd and Guardian General Insurance Jamaica Ltd.
He noted that over the last two years alone, GHL has invested over US$53 million in Jamaica, including its recent purchase of Globe Insurance Company of Jamaica Ltd, now successfully merged with West Indies Alliance Insurance Company Ltd and operating as the Guardian General Insurance Jamaica Ltd.
Lok Jack said: “We will continue to explore other opportunities that may become available.”