Web Posted - Wed Aug 25 2004

Eighteen months after being listed on the Barbados Stock Exchange, Sagicor Financial Corporation was traded for the first time on the Trinidad and Tobago Stock Exchange (TTSE) yesterday. While no actual trades took place, there were a number of bids and the shares which were listed at TT$12.86 closed at TT$ 13.05.
In a brief but significant ceremony witnessed by Sagicor’s CEO Mr. Dodridge Miller, General Counsel and Secretary, Sandra Osborne and members of the Trinidad senior management team, Mr. Hugh Edwards, TTSE General Manager warmly welcomed Sagicor. Noting that Sagicor was the 33rd company to list on the TTSE and the first that operated in a de-materialised environment, Mr Edwards said that this added another dimension to the TTSE operations.

After formally handing over of the Sagicor nameplate which was inserted on the trading list board, Chairman of Sagicor, Mr Colin Goddard said that Sagicor had been a regional organisation for more than 135 of its 163 years.

“The process of globalisation and trade liberalisation is creating a borderless world and caused us at Sagicor to re-examine our structure and the way we were doing business” he explained. “This led to our conversion from a mutual company to a company with share capital, and the creation of Sagicor Financial Corporation, with more than 40 000 shareholders in 2002”.

Sagicor listed 260 029 748 shares with a market capitalisation of TT $3.34 billion. Since listing on the Barbados Stock Exchange in February 2003, Sagicor’s share price has increased from BDS $1.80 to BDS $4.25, an increase of 136 per cent. The volume of shares traded since listing is 62 million with a total value of BDS $185.6 million. Mr. Goddard reported that Sagicor was the volume leader for 2003 and at the half year ended June 2004 on the Barbados Exchange.

He expressed gratitude for the overwhelming confidence shown in the company by Trinidad & Tobago investors, who continue to show confidence in Sagicor’s vision, strategy and ability to provide a good return on their investment. This confidence he believes is evidenced by the more than 17 000 shareholders resident in Trinidad and Tobago who control 57 per cent of the issued shares. Sagicor’s presence on the TTSE now affords these shareholders the opportunity to trade their shares more easily.

Compliments of the Barbados Advocate

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