Montego Freeport contemplating delisting from JSE
MONTEGO Freeport Limited is contemplating delisting from the Jamaica Stock Exchange (JSE).
The firm notified the JSE that “a recommendation to delist the company from the stock exchange was made” at its annual general meeting on August 26, 2010.
“The shareholders requested more information on the issue of delisting and also requested more time to contemplate the recommendation,” said the statement to the JSE. “The resolution was not put to the vote.”
MFP, of which the Government owns 82 per cent through the Urban Development Corporation (UDC) and National Hotels and Properties, focuses on developing the Freeport area, located in Montego Bay, through the sale of parcels of land in the area and the monitoring of the development of same in accordance with a comprehensive land use strategy.
In its 2010 annual report, the firm said that it will continue to liquidate its assets and “once this process is near completion, it is for the shareholders to decide whether they wish to dissolve the company or whether continuity is intended through other investment opportunities”.
As at March 31, 2010, MFP’s capital base stood at $1.78 billion, after incurring a net loss of $12 million.
