Jun 2008 Financial News

Sagicor share price up in London

Jun 16, 2008

SAGICOR FINANCIAL CORPORATION is proving its worth as a Caribbean company in the European market, with a steady increase in share price on the London Stock Exchange.

Sagicor was the first Caribbean firm to break into the London equity market, on February 14 last year, with its stock trading at £1 (BDS$3.88) per share. By the close of trading last Friday, Sagicor's share price had reached £1.59 (BDS$6.17).

Sagicor group chief financial officer Philip Osborne told BARBADOS BUSINESS AUTHORITY last Friday that the 37 per cent increase in 16 months boosted the company's "potential to raise more capital".

He said the company was no longer restricted to the Caribbean when it needed to issue new shares, and the European market enabled Sagicor's shareholders to garner the best prices for their stock.

"If shareholders wanted to sell shares and the price was not good enough in the Caribbean, they could trade them on the London Exchange," Osborne added.

In fiscal 2007, Sagicor's United Kingdom operations delivered eight per cent of the group's revenue or US$3.2 million.

Reporting the group's 2007 performance to shareholders and investors at Hilton Barbados last Wednesday, executive vice-president, international division, Ravi Rambarran said listing on the London Stock Exchange was part of Sagicor's strategy to manage capital.


Source:
Nation News
Monday June 16, 2008

http://www.nationnews.com/story/349451884053734.php