Trinidad Cement Limited (TCL) which has been engaged in a restructuring exercise since mid-2015, last month executed its plan to demit the Eastern Caribbean Securities Exchange (ECSE), one of three regional exchanges in its cross-hairs.
The TCL Group is engaged in the manufacturing and marketing of bulk and bagged cement, the sale of packaging materials and premixed concrete. It has subsidiaries in Jamaica and Barbados, with main operating units in Trinidad and Tobago.
In January the company’s also exited the Guyana Securities Council.
TCL indicated last year that it would delist from the Barbados Stock Exchange (BSE), the Guyana Association of Securities Companies, and the Eastern Caribbean Securities Exchange as little or no trading of the company’s shares while incurring listing costs.
It will remain listed on the Trinidad and Tobago Stock Exchange (TTSE) and the Jamaica Stock Exchange.
On Monday, via the Jamaica Stock Exchange (JSE), TCL indicated that it was delisted effective March 1, 2016 from ECSE with all securities transferred to the Trinidad and Tobago Central Depository.
TCL stated in the notice, “trading volumes and frequency were minimal and the negative financial consequence of annual listing/maintenance charges required to be paid to the ECSE.”
In January, the cement maker announced that by Order dated January 11, 2016, the Guyana Securities Council granted the Company’s application for delisting effective as of the opening of trading on Monday January 18.
Similarly the reasons for delisting were that trading volumes and frequency were minimal, there were no shareholders resident in Guyana, and the negative financial consequence of annual listing / maintenance charges required to be paid to GASCI.