KEY Applies to be Delisted From JSE

• Key Insurance Company Limited (KEY) has officially applied to the Jamaica Stock Exchange (JSE) for the voluntary delisting of its ordinary shares from the Main Market, in accordance with JSE Main Market Rule 411B.
• The rule states that: A listed company may make an application to the Exchange to be delisted or to suspend trading in its securities. Any such application must be in writing, stating the reason for the application, and accompanied by a certified copy of the resolution of the Board authorising the application for delisting or suspension.
• The delisting application follows the completion of the takeover offer made by GraceKennedy Financial Group Limited (GKFG), which increased GKFG’s shareholding to over 98% of the Company’s total issued share capital. As a result, the remaining public float of the Company's shares is now below the minimum threshold of 20% required for continued listing on the JSE Main Market.
• KEY's stock has decreased 18.9% year-to-date, closing at J$1.98 at Wednesday. At this price, the stock trades at a price-to-book (P/B) ratio of 0.7x, which is lower than the Main Market Financial Sector’s average of 1.1x.

(Sources: JSE & NCBCM Research)