The GraceKennedy Barbados financial services subsidiary of SigniaGlobe Financial Group could be listed on the Barbados Stock Exchange (BSE) in the coming months.
While no decision has yet been taken, Grace CEO Don Wehby admits that the board is seriously considering listing SigniaGlobe Financial on the BSE in furtherance of the company’s regional expansion plans.
SigniaGlobe Financial was formed in September 2018 when GraceKennedy, the parent company of the then Signia Financial Group, acquired Globe Finance in a deal estimated at BD$11.8 million. Signia and Globe were two of the leading merchant banks in Barbados, competing to provide retail and commercial lending, foreign exchange services and fixed deposits.
“This is something we are always looking at, at the GraceKennedy Group, how to maximise shareholders value.”— Wehby
Wehby did not provide details of the expansion plans or how advanced those plans were but was very optimistic of going the listing route.
Meeting all expectations
When asked about the possible listing on the BSE Wehby said: “This is something we are always looking at, at the GraceKennedy Group, how to maximise shareholders value and that may in fact be one option, to list SigniaGlobe on the Barbados Stock Exchange.”
“Let me also say that this company also has Caribbean plans to expand outside of Barbados. So listing may be an attractive vehicle to utilise capital for expansion,” Wehby said as he addressed reporters via a webinar on Wednesday.
With about a 40 per cent stake, GraceKennedy is the majority shareholder in SigniaGlobe, with other shareholders being Massy United Insurance and Cave Shepherd & Company. Wehby said he was very happy about the exceptional performance of the new entity, adding that it was recording very good profits over the past year-and-a-half.
The GraceKennedy CEO pointed out that SigniaGlobe is meeting all expectations and that the company is operating at a very profitable level as such the group is happy about that acquisition. Wehby was responding to questions during a live-streamed investor briefing on Wednesday, where he announced that the GraceKennedy Group recorded revenue of $103.09 billion, representing an increase of 5.7 per cent over 2018.