Bahamas First Holdings Limited is now listed on the the Bahamas International Securities Exchange (BISX) and will begin trading today, it was announced yesterday, heralding the next phase of growth and development of the company.
BISX said in a statement that Bahamas First was formally approved by BISX’s Listing Committee, added to the official roster of companies listed on the exchange and will trade through the Bahamas Automated Trading System.
Bahamas First will trade ordinary shares, preference shares and bonds.
Bahamas First Chairperson Alison Treco said the company does not intend to issue shares beyond its five million preference shares, 36,511,589 ordinary shares and 7,500 bonds.
“Our listing on BISX has been a consideration for several years and has now become a significant milestone for us, as we begin our next phase of growth and development as a publicly traded and listed company,” said Treco.
“While we do not intend to issue any additional shares at this time, we believe that this move will facilitate an open trading platform that will provide increased liquidity for our existing shareholders, while enhancing Bahamas First’s visibility in the capital markets.”
Group President and Chief Executive Officer of Bahamas First Patrick Ward said the listing bolsters confidence in the company’s operating environment, despite the economic downturn caused by the novel coronavirus (COVID-19) pandemic.
“Despite the recent turmoil and disruption created by Hurricane Dorian and the global COVID-19 pandemic, we believe that the benefits of this listing outweigh any concerns around the current level of uncertainty in our operating environment,” Ward said.
BISX Chief Executive Officer Keith Davies said COVID-19 presented a challenge for the Bahamas First listing, given that the process had to be carried out remotely.
“This was a unique listing process given those circumstances, but Bahamas First and BISX were able to communicate effectively and complete the process,” said Davies.
“We believe that Bahamas First made the wise decision to move its securities to the regulated BISX market and we look forward to a truly beneficial continued relationship with Bahamas First.”
Bahamas First shares will be available through CFAL Securities Limited, Royal Fidelity Capital Markets, Colonial Pension Services, Leno Corporate Services and Benchmark Advisors Limited.