Business News

Weekly Bulletin for week ended June 26, 2009

Jun 29, 2009

Listed Company Information

Trinidad Cement Limited (TCL)
Trinidad Cement Limited has informed the Exchange that its shares were purchased on behalf of the following TCL Group Managers during the period 12th May to 15th May at an average price of $4.05:
Jinda Maharaj – 106,452 shares
Parasram Heerah - 35,122 shares
Rodney Cowan – 12,583 shares

Sagicor Financial Corporation (SFC)
The Sixth Annual Meeting of Shareholders of Sagicor Financial Corporation was held on Thursday, June 18, 2009 at 5.30 pm at Hilton Barbados. In reporting to Shareholders, Chairman, Mr Terrence Martins, stated that despite a very challenging year for the financial services industry, marked by the collapse of major international financial institutions and the need for extensive government support for others, the Sagicor Group of Companies recorded a very commendable performance and weathered developments reasonably well.

Like most financial institutions, Sagicor was impacted by the unusual financial and currency developments, and declines in asset values and foreign currency rates reduced its equity reserves. However, the decline in asset values was offset, in part, by a consequential reduction in long-term liabilities.

• Group net income amounted to US $125.2 million, compared to US $108.7 million in 2007.
• Net income to Shareholders was US $96.1 million, compared to US $86.3 million in 2007.
• Total assets of the Group reached US $3.9 billion, compared to US $3.6 billion at the end of 2007.
• Capital was US $581.6 million, a reduction of US $5.1 million, reflecting the net impact of the global crisis.
• Return on equity was 23.8% compared to 22% in 2007.
• Earnings per share were US 34.7 cents, compared to US 32.3cents for 2007.

The Chairman also reported on the significant events during the year:
• The acquisition of the insurance business of Industrial Alliance in the Netherland Antilles, Aruba and the Cayman Islands;
• The acquisition of a 77% interest in Barbados Farms;
• The launch by Pan Caribbean Financial Services of its commercial banking operations in Jamaica;
• The rebranding of Life of Jamaica to Sagicor Life Jamaica and its acquisition of the group health insurance portfolio of Blue Cross Jamaica;
• The acquisition by Sagicor at Lloyd’s of the insurance underwriting business of Amalfi Underwriting;
• Increased emphasis on governance, risk management, capital, liquidity and cost management, as Sagicor continued to focus on rationalizing business operations to enhance efficiency and financial performance.

Shareholders re-elected three Directors - Mrs Marjorie Chevannes-Campbell of Jamaica, Mr William Lucie-Smith of Trinidad and Tobago, and Mr Stephen McNamara of St Lucia. Mr Richard Kellman, a resident of Trinidad and Tobago, was also elected to fill the vacancy created by the retirement of Dr Oscar Jordan of Barbados.

Shareholders approved a special resolution to amend the articles of incorporation of the Company to remove all nationality and residence requirements so as to enable the Group to continue to select Directors from a suitable pool of regional and international candidates with the requisite knowledge and experience, and include on the Board persons who reflected the geographic and business diversity of the Group.

http://guardian.co.tt/business/business/2009/06/29/weekly-bulletin-week-ended-june-26-2009

 



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