PRESS RELEASE – FOR IMMEDIATE PUBLICATION
Friday, May 20, 2011
The Bahamas International Securities Exchange (BISX) is pleased to announced today that the listing application submitted by Commonwealth Brewery Limited has been formally approved by the BISX Listing Committee. Therefore, the company has been added to the Official Roster of companies listed on the Exchange. The ordinary shares (the “Shares”) will trade through the BISX Automated Trading System (BATS) under the symbol “CBB”.
The listing of CBB on BISX is the culmination of an effort that started earlier this year with CBB completing the largest initial public offering (IPO) in the history of the Bahamian Capital Markets. CBB will list 30,000,000 shares on BISX at an opening price of $8.33, this will add approximately $250 million in market capitalization to the Exchange.
Prior to submitting its application for listing to BISX, CBB’s offering memorandum was reviewed and registered by the Securities Commission of The Bahamas in compliance with the Securities Industry Act, 1999. The offering memorandum was also reviewed by BISX to ensure that the offering memorandum met the disclosure requirements of the BISX Rules.
The Chairman of BISX, Ian Fair, commented on the listing stating, “BISX was pleased to play a role in the first new IPO to have taken place in the last 10 years in the Commonwealth of The Bahamas.”
In commenting on the listing of CBB, Commonwealth Brewery Limited President and Managing Director Mr. Leroy Archer said: “We are proud that Commonwealth Brewery’s IPO was the largest IPO in the history of The Bahamas. We are excited to finally be listed on BISX and look forward to seeing our symbol “CBB” traded over the Exchange. Our company is strong, well managed and well poised to capitalize on the expected recovery in this economy. I want to congratulate and thank BISX, The Bahamas Central Securities Depository, and all who played a role in getting Commonwealth Brewery successfully listed.”
Commenting on this latest listing, Keith Davies, the BISX Chief Executive Officer noted: “Commonwealth Brewery brings with it a long history of successful operations in The Bahamas. We are pleased to welcome a well established company with strong international ties to the Exchange, especially one that has just completed its IPO raising over $50 million. We look forward to Bahamian investors benefiting from Commonwealth Brewery’s listing on BISX and being able to trade Commonwealth Brewery’s shares for many years to come.”
NOTE: Attached to this message is the BISX Formal Trading Notice for the Commonwealth Brewery Limited Shares. This notice advises the public of the securities to be listed on the Exchange and the trading symbol of the listed securities.
For additional information please contact:
Holland Grant
Listings Manager
Bahamas International Securities Exchange
Telephone: (242) 323-2330
Facsimile: (242) 323-2320