Allen – Buy shares in BOSVG
February 24, 2012
Allen – Buy shares in BOSVG

The general public will be able to purchase shares in the Bank of St. Vincent and the Grenadines (BOSVG), when they become available in the next six to eight weeks.{{more}}

Errol Allen, Chairman of the Bank, indicated that because he has confidence in the Bank, he will purchase shares of his own from the institution which he noted is soon to be listed on the East Caribbean Securities Exchange.

“I would also invest, and I would not put my money in something which I did not think will be a success.”

“We are very pleased that this company is taking the lead to be the first one to be listed. The government of St. Vincent and the Grenadines, in whose trust the shares of the former National Commercial Bank were held, has taken a bold and enlightened decision to bring us to where we are today, where persons in St. Vincent and the Grenadines will soon be able to buy shares in this important institution, and I think we need to recognize that this is an enlightened step, and to take full advantage of purchasing your own shares now that the opportunity is at your door step.”

Prime Minister Dr. Ralph Gonsalves, speaking at Tuesday’s handover of nine per cent of shares from the Bank to the National Insurance Services (NIS), pointed out that the shares, some two million in total, or 20% of the government’s 49% share in the bank, would have been available sooner, but were delayed because of an extensive assessment of the very shares.

“The valuation has been completed; all the refinements have been done, and the next stage we have to do some public education… so that information will be given to the public. I don’t want you to feel like we just selling the shares like a thief in the night.”

According to the Prime Minister, a video is to be released, which will inform the public on the purchasing process, and when everything is in place, the shares will be sold.

“I want to encourage all Vincentians… buy shares in your Bank of St. Vincent and the Grenadines, in which your government directly and through the NIS will own 29%, and which the government remains a major client.

Dr. Gonsalves said that he expects that the shares will rake in between 17-18 million dollars.(JJ)