by Linda Straker
- 4 Grenadian companies listed on ECSM
- Republic Bank Grenada shares dropped by EC$1 on Thursday, 18 January
- Shareholders agreed on 22 January to delist Republic Bank Grenada
The shareholders of Republic Bank Grenada have agreed and approved the removal of the financial institution on the Eastern Caribbean Securities Exchange (ECSE) where it is currently traded at EC$45 per share.
A recent notice from the bank said that shareholders agreed to delist the financial institution at the annual meeting on 22 January 2024. The impact of this is the company will no longer be publicly listed on the exchange. “However, the Eastern Caribbean Central Securities Depository will continue as registrar to the company for the maintenance of the share certificate registry and the payment of dividends to shareholders,” said the notice published in a local newspaper.
Records on the ECSE show that the value of Republic Bank Grenada shares on the exchange dropped by EC$1 on Thursday, 18 January 2024. “On the Eastern Caribbean Securities market today January 18th 2024, 200 Republic Bank (Grenada) Ltd shares traded at $44.00 per share, falling $1.00 or 2.2% from its last traded price,” said the daily report.
The price per share for the longest time stood at EC$45.
The Eastern Caribbean Securities Market (ECSM) is the first organised regional securities market established within the 8 member countries of the Eastern Caribbean Currency Union (ECCU).
Designed to provide an alternative mechanism for institutions to raise capital within the regional financial system, the ECSM was created in 2001 with the passage of the Eastern Caribbean Securities Act 2001 and the establishment of the main market institutions.
Besides Republic Bank Grenada, 3 other local companies — Grenada Co-operative Bank; Grenlec Electricity Services, and Grenreal Property Corporation — are listed on the ECSM.