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WEEKLY BULLETIN for week ended January 3, 2014
Sagicor Financial Corporation - 23.12.13
Sagicor Financial Corporation has informed the Stock Exchange that the company received approval from the regulatory authorities in the United Kingdom and the Cayman Islands to sell Sagicor Europe Limited (SEL) and its subsidiaries, which include Sagicor at Lloyd’s Limited (SAL), to a wholly-owned subsidiary of AmTrust Financial Services, Inc.
SAL is the managing agent of Lloyd’s property/casualty insurance syndicate 1206, with stamp capacity of £200 million, and life insurance syndicate 44, with stamp capacity of £7 million. SEL is a Cayman Islands-domiciled holding company, and the sale also includes a reinsurance entity and two Lloyd's corporate members.
National Enterprises Limited – 24.12.13
National Enterprises Limited (NEL) has informed the Stock Exchange that the company closed an agreement with BP to purchase its 10 per cent shareholding in Powergen effective December 18, 2013. NEL has finalised the purchase of a BP company called Amoco Trinidad Power Resources Corporation (ATPRC) which held the 10 per cent shareholding in Powergen as its only asset and transferred the assets of this Company into a newly formed subsidiary of NEL called NEL
Power Holdings Limited (NPHL). The Unit Trust Corporation was invited to participate in the purchase and will acquire 10 per cent of NPHL. After a thorough financial, legal and technical review of ATPRC and Powergen itself, NEL and BP negotiated a Sale and Purchase agreement on terms and a purchase price acceptable to both parties. PWC was NEL’s Financial Advisor and LEX Caribbean Limited was the Legal Advisor on this transaction.
GraceKennedy Limited –27.12.13
GraceKennedy Limited has informed the Stock Exchange that the company repurchased 394,120 stock units effective December 20, 2013 under the GraceKennedy Repurchase Programme.
First Citizens Bank Limited – 30.12.13
First Citizens Bank Limited has informed the Stock Exchange that Ms Cindy Bhagwandeen has tendered her resignation from the Board of First Citizens Bank Limited effective December 31, 2013.
Guardian Holdings Limited – 27.12.13
Guardian Holdings Limited has informed the Stock Exchange that Dr Aleem Mohammed has tendered his resignation as a member of the Board of Directors of Guardian Holdings Limited effective December 20, 2013.
Trinidad & Tobago Stock Exchange Limited (TTSE)
On July 11, 2013 the Board of the Trinidad and Tobago Stock Exchange (the Exchange) approved the de-listing of BCB Holdings Limited (BCBTT) subsequent to which the Exchange submitted an application to the Trinidad and Tobago Securities and Exchange Commission to have BCBTT de-listed. In light of this trading in BCBTT has been suspended with effect from Monday, July 22, 2013.