Shareholders of GraceKennedy Limited will this morning meet to consider and, if thought fit, approve a recommendation for a three-for-one stock split.

If approved, shareholders will receive three stocks for each one that is currently held.

According to group CEO Don Wehby, the stock units with a market price of J$115.00 per stock unit prior to the split will now increase threefold with an initial price of J$38.33 per stock unit

He says the stock split would allow GK’s stock to be made available to more investors while further enhancing the market for the shares.

Ahead of this morning’s Extraordinary General Meeting, GK last week issued 59,360 additional GK shares.

The UK has lost its top AAA credit rating from ratings agency S&P following the country’s vote to leave the EU.

S&P says the referendum result could lead to “a deterioration of the UK’s economic performance, including its large financial services sector”.

Earlier the pound plunged to a 31-year low against the dollar, and UK markets closed lower for a second day. On Friday,

Moody’s cut the UK’s credit rating outlook to negative.

French container giant CMA CGM is making arrangements to transform the Kingston Container Terminal into a strategic hub for transshipment business anticipated from the expanded Panama Canal.

The expanded Panama Canal which was officially opened yesterday, has been widened, deepened and new locks built at the Pacific and Atlantic ends.

CMA CGM, through its subsidiary, Kingston Freeport Terminal and under a concession agreement with Jamaican authorities, has invested in improving the staffing and technical capabilities at the terminal.

Canal Opens
The $5.25 billion project went online nearly two years late after construction delays, labor strife and apparent cost overruns.

“This is an achievement that all of us Panamanians should be proud of,” President Juan Carlos Varela said at the inaugural ceremony on the outskirts of Panama City yesterday. “Today marks a historic moment for Panama, for our hemisphere and the world.”

“This new transit route is the tip of the iceberg in making Panama once again the logistics center of the Americas,” canal administrator Jorge Luis Quijano said. “And it represents a significant opportunity for the countries of the region to improve their infrastructure, increase their exports.”