Paramount Trading on Thursday delisted its 8.75 per cent cumulative redeemable fixed rate preference shares from the local stock market.

The lubricants manufacturer and distributor had previously applied to the Jamaica Stock Exchange (JSE), where the shares are traded, to have them delisted. In furtherance of the delisting, the company will be redeeming the preference shares, priced at $ 2.00 each.

Paramount advised that the directors of the company can confirm that the preference shares will be redeemed and delisted on April 12, 2021. This is being done in accordance with the original terms of issue and prospectus dated March 21, 2019, as well as the resolutions of the company’s board of directors meeting held on Thursday, April 1, 2021.

In addition, the action is being taken subject to Rule 411(B) of the JSE Rules. “Accordingly, the said preference shares will be suspended from trading following the close of market on April 8, 2021 and all redemption payments for the preference share will be made to holders by the registrar to the company, the Jamaica Central Securities Depositary on or after the maturity date, which is April 12, 2021,” Paramount Trading stated in a news release posted on the JSE website.