Low trading volumes blamed
Jamaica-based investment company, Sygnus Credit Investments (SCI) plans to delist its cross listed shares from the Jamaica Stock Exchange (JSE).Read more: Sygnus Credit Investments delisting its cross listed shares
The de-listing will affect both J$ and US$ ordinary shares, which were cross listed. The shares of SCI were listed on the Main Jamaican Dollar Market (J$ Market) and the US Dollar Market (US$ Market) of the JSE on June 18, 2018.
At the time of listing the shares were also cross-listed on both markets and, as such, the J$ shares could be traded on the US$ Market and the US$ shares could be traded on the J$ Market. Trading across markets is extremely low in volume when compared to trading on the Main Market for the J$ and US$ Ordinary Shares of SCI.
Given this fact, the decision was taken to delist the cross-listed shares. When contacted by Our Today, Berisford Grey, co-founder, president & CEO of Sygnus Group, indicated that the low trading volume on the cross listed market was the primary reason for pulling from that market.
According to him, “the market (cross listed) hasn’t taken off as expected but the move will not affect any of the other traded shares or the operations of the company.
Grey made the point that the JSE has tried to get the cross listed market going but this hasn’t happened, noting the volume of SCI-traded shares on the cross listed market has been very low, hinting that the other equities on the market might be having the same experience.
Questioned on when the shares will be delisted, Grey declared that no firm date has been set, explaining that such a move would take place as a process, which is now being entered into.