Trinidad and Tobago

GHL wants to expand limits on its share buyback

Bnamericas Published: Thursday, March 26, 2009
Trinidad & Tobago-based insurance and financial company Guardian Holdings (GHL) has contacted the country's securities regulator and its stock exchange about increasing the daily limits on its share buyback program announced in late January, local daily Trinidad & Tobago Guardian quoted the company's chairman Arthur Lok Jack as saying. Spending just over TT$1.5mn (US$244,000) so far, GHL has only purchased 80,000 shares of the 8.09mn it is authorized to buy under the program, which has a limit of 4% of the company's shares, the report said. An uncommon practice in the country's market, the buyback program is limited to only 8,430 shares per day by regulation, prompting the move by GHL, the report said. GHL, which has business in life, health and P&C insurance as well as pensions and asset management, had profits of TT$563mn in the first nine months of 2008, up from a TT$68.1mn-loss in the same period of 2007. Its year-end report has been delayed, but it plans to issue the financial statements before March 31, the company said.

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