Cable & Wireless St Kitts & Nevis Ltd lists on the East Caribbean Securities Exchange
By Joy Mills-Ward
Business Reporter-SKNVibes.com
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| L-R> John Boyle-Chairman Cable & Wireless St Kitts & Nevis Ltd, Patricia Walters-Chief Executive Cable & Wireless St Kitts & Nevis Ltd, Sir K Dwight Venner-Chairman East Caribbean Securities Exchange, Laverne Caines-Vice President Corporate Communications, Trevor E Blake-General Manager Eastern Caribbean Securities Exchange |
Basseterre, St. Kitts: Wednesday 30th January 2008 is a day that will go down in history for Cable & Wireless St Kitts & Nevis and for Cable & Wireless in general as this day marks an unprecedented step for the company as this is the first company telecommunications to be listed on the ECSE.
At a ceremony held to celebrate the listing of Cable & Wireless St Kitts & Nevis Ltd at the ECCB Auditorium/ECSE Office, a wide cross section of stakeholders gathered to witness the official unveiling of the Trading Symbol on ECSE Graphic Display. Proceedings began around 10:15am and were chaired by Lavern Caines, Vice President Corporate Communications Cable & Wireless St Kitts & Nevis Ltd.
Welcome remarks were made briefly by Caines, after which the Chairman of the East Caribbean Securities Exchange Sir K. Dwight Venner addressed the gathering and gave Congratulatory Remarks to Cable & Wireless St Kitts & Nevis Ltd.
Venner said that this occasion had been long awaited and extremely important because of the nature of the company (international telecommunications) and that the arena in which it operates was essential to companies in a global economy and the region beyond the OECS.
Venner mentioned that in recent times, using the ECSE, governments have been able to raise finances at terms and conditions better than before which should mean lower taxes for citizens. ~~Adz:Right~~
He encouraged citizens to become involved in the economy as owners and not mere workers for foreign investors, and stated that through initiatives, such as the ECSE, and educating people, could facilitate this. Venner said the ECSE as a regional exchange, enables risks to be spread both geographically and by product. He was hopeful that other companies would follow suit and get on the exchange following this listing.
Boyle said “We’ve arrived at this juncture today following the purchase by Cable & Wireless International of the 17% shareholding held by the Government of St. Kitts & Nevis. This transaction saw an investment of EC$36 million or (US$13 million) into the economy of St. Kitts & Nevis. I am glad for the signal that this cash injection to the local economy sends – that we plan to actively participate in this market for a long time.”
Boyle further said “Today’s listing on the Eastern Caribbean Securities Exchange is both historic and unique as it represents not only the first listing of a Cable & Wireless business in the Eastern Caribbean, but the listing of the only Cable & Wireless business with public shareholding in the Eastern Caribbean. Further, given the current size of our shareholder base, we believe that listing on the ECSE will give a significant boost to the Exchange.”
Trevor Blake, General Manager of the East Caribbean Securities Exchange also gave brief remarks just prior to presenting a Commemorative Plaque to John Boyle and Patricia Walters to mark this occasion. During his brief remarks, Blake revealed that it was with a deep sense of fulfilment that he stood before us, as today was a culmination of 7 years of discussions and extensive courtship. Driving the point further home, Blake said that the process had seen three chairmen of the board (C&WSKN), three chief executives (C&WSKN) namely Ricky Went and Carl Roberts prior to Pat Walters and two General Managers (ECSE). Blake said that he was pleased to be able to consummate this relationship after a long and hard courtship and that Cable & Wireless St Kitts & Nevis Ltd and East Caribbean Securities Exchange could look back and say that the experience was mutually rewarding.
Patricia Walters Chief Executive of Cable & Wireless St Kitts & Nevis Ltd thanked all persons involved in every stage of the listing process and was careful to make mention of the Prime Minister Dr Denzil Douglas without whose input and foresight this would not have been possible. The ceremony ended with an official unveiling of the trade symbol to be used to represent Cable & Wireless St Kitts & Nevis Ltd shares.
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Sir K Dwight Venner Chairman Eastern Caribbean Securities Exchange delivering congratulatory remarks.
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L-R>Trevor E Blake-General Manager Eastern Caribbean Securities Exchange, John Boyle-Chairman Cable & Wireless St Kitts & Nevis Ltd; Lyra Richards-Director(Nevis) Cable & Wireless St Kitts & Nevis Ltd, Patricia Walters-Chief Executive Cable & Wireless St Kitts & Nevis Ltd toasting the unveiling of the trade symbol CWKN on the ECSE “leader board”. |
