Sygnus Credit Investments is advising that its cross-listed shares on the Jamaican stock market have formally been delisted.

The delisting of the shares formally took place at the close of day last Wednesday (March 15) and, as a result, Jamaican-dollar ordinary shareholders will no longer be able to trade on the US-dollar market and US-dollar ordinary shareholders will no longer be able to trade their shares on the Jamaican-dollar market.

The delisting will not affect the trading of the ordinary shares on their respective markets.

Berisford Grey, co-founder, president and CEO of Sygnus Group, told Our Today last month that the low trading volume on the cross-listed market was the primary reason for pulling out.

Sygnus had communicated to the stock market, on February 11, its intention to pursue the delisting of its cross-listed ordinary Jamaican-dollar and US-dollar shares. An application for delisting was made to the Jamaica Stock Exchange (JSE) on March 3.

By correspondence dated March 9, the JSE advised that the delisting of the cross-listed shares was approved. The shares of Sygnus were listed on the main Jamaican-dollar market and the US-dollar market of the JSE on June 18, 2018.

TRADING ACROSS MARKETS EXTREMELY LOW IN VOLUME

At the time of listing, the shares were also cross-listed on both markets and, as such, the Jamaican-dollar shares could be traded on the US-dollar market and the US-dollar shares could be traded on the Jamaican-dollar market.

Trading across markets is extremely low in volume when compared to trading on the main market for the Jamaican-dollar and US-dollar ordinary shares.