Shareholders approve removal of Republic Bank from ECSE

ST GEORGE’S, Grenada:

The shareholders of Republic Bank (Grenada) Ltd. have agreed and approved the removal of the financial institution from the Eastern Caribbean Securities Exchange (ECSE) where its shares are currently trading at EC$45 (one EC dollar=US$0.37 cents) per share.

According to a notice by the bank, shareholders agreed to delisting the financial institution at the annual meeting on January 22 this year.

“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, which was published in a local newspaper.

According to the ECSE, the value of Republic Bank (Grenada) Ltd shares dropped by one dollar last Thursday when 200 shares traded at EC$44 per share from its last traded price.

The ECSE, created in 2001, is the first organised regional securities market established within the eight-member countries of the Eastern Caribbean Currency Union (ECCU). It is designed to provide an alternative mechanism for institutions to raise capital within the regional financial system.

The Republic Bank (Grenada) Ltd. is one of three Grenadian companies listed on the sub-regional stock market. The others are the Grenada Cooperative Bank; the Grenlec Electricity Service and Grenreal Property Corporation.

CMC