FINSAC still hoping for share sale

Ciboney Group Limited, a company which has sold off its operating assets but continues as a listed entity on the Jamaica Stock Exchange (JSE), says it is hoping to hold its annual general meeting (AGM) in August.

Predominantly-owned by FINSAC Limited, that company is still holding out hope that it will be purchased by an entity which could use its listed position as a short route to trading on the JSE.

A letter to the JSE, released on June 29 but dated June 22, 2020, with subject said FINSAC was still hunting for a buyer and meanwhile the AGM should be held around August.

The notice continues “As you are aware, the Ciboney Group Limited has not been actively trading for over fifteen (15) years, following sale of the Ciboney Hotel & Villas in Ocho Rios, St Ann in or around 2004.

“The sale of its second property, being land only, located at Culloden, Westmoreland in 2017 effectively released this property into private ownership for further development, leaving the Group with some cash as its only (main) asset.”

The company said a suitable buyer for FINSAC shares was yet to be found.
It was noted, “Based on its intervention in the Eagle Financial Network in 1997, FINSAC Limited became majority shareholder of the Ciboney Group Limited and we understand that it has been its plan over the years to seek to identify a suitable purchaser for its 72 per cent shareholding.

“Unfortunately, to date this has not been achieved and the intervention of COVID-19 has not assisted the process. Nonetheless, we believe efforts will continue so to do.”

Originally, Ciboney had planned its AGM for April 10, 2020, but this had to be postponed.

The company stated, “In view of some lifting in current governmental restrictions, we have had initial discussions with a hotel and will endeavour to reschedule this meeting for another 6-8 weeks, i.e. mid-late August. Please be guided accordingly.”