TCL Group plans delisting

In the midst of a major debt restructuring exercise, Trinidad Cement Ltd (TCL) has announced that it could delist from the Barbados Stock Exchange (BSE), the Eastern Caribbean Securities Exchange (ECSE) and the Guyana Association of Securities Companies and Intermediaries Inc (GASCI) following its annual shareholders meeting next month.

In a notice last week, the Caribbean-based company said that a continued listing on the three regional stock exchanges was “not economically feasible”.

“The Board of Directors of TCL, at a board meeting on May 21, 2015, passed a resolution authorising the delisting of TCL shares which are currently listed on the BSE, GASCI and ECSE, subject to, among other things, shareholder approval,” said the notice.

“Be it resolved that the ordinary shares of TCL be delisted from the BSE, in accordance with the Securities Act, Chapter 318A of the Laws of Barbados, the rules of the BSE and any other statutory and regulatory rules and guidelines; the ordinary shares of TCL be delisted from the GASCI in accordance with all statutory and regulatory rules and guidelines; and the ordinary shares of TCL be delisted from the ECSE in accordance with all statutory and regulatory rules and guidelines,” it added.