The shareholders of Massy Holdings will vote on whether to divide the company’s shares into 20 for each share held, at their next annual general meeting scheduled for January 21.

At its current price above TT $ 109 and a market value of TT $ 10.8 billion, a split at 20 resets the share price to TT $ 5.46 but leaves the market value unchanged because the split would increase the number of shares outstanding from approximately 98.97 million to 1.98 billion units.

The value of individual investors’ holdings would not change even though they would hold more units.

Massy Holdings, in business since 1923, is a large conglomerate with diverse interests and businesses spanning the Caribbean, including Jamaica.

In May of this year, the board of directors of the Trinidad and Tobago-based company decided to list the stock on the Jamaica Stock Exchange, the strongest of any Caribbean stock exchange.

“The board reviewed the sophistication of the market and the growth opportunities evident in the Jamaican securities market, which has become increasingly dynamic in recent years,” Massy said in a market brief on the Trinidad Stock Exchange at the time.

The timing of the cross-listing was not disclosed.

Massy Holding’s turnover exceeded TT $ 11 billion at the end of September 2021, from which it posted a pre-tax profit of TT $ 929 million, up 29% from 2020. Profit per share increased 13%, from 7.11 TT to 8.02 TT.

“We continue to deliver added value to our shareholders as total shareholder return has been excellent over the past few years, return on equity is improving and our next cross-listing in Jamaica in 2022 will increase business. trading, broaden the shareholder base, and give international investors better access to hard currencies for their transactions, ”Massy said in notes accompanying his financial statements.

The company’s stock price is up 79% since the start of the year Thursday in the Trinidad market.

business@gleanerjm.com