Categorized | Business, National News


The Bahamas International Securities Exchange (BISX) announced last week that Commonwealth Bank Limited (“CBL”) has successfully completed the listing process for its Class E,J,K,L,M and N Preference Shares (The Preference Shares).

The shares have been added to the roster of securities listed on the Exchange and will trade through the BISX Automated Trading System (BATS). Each tranche of Preference Shares will trade separately and independently on the exchange under its own symbol. The symbols are listed below:

1. Commonwealth Bank Limited Class E Preferred Shares – CBLE
2. Commonwealth Bank Limited Class E Preferred Shares – CBLJ
3. Commonwealth Bank Limited Class E Preferred Shares – CBLK
4. Commonwealth Bank Limited Class E Preferred Shares – CBLL
5. Commonwealth Bank Limited Class E Preferred Shares – CBLM
6. Commonwealth Bank Limited Class E Preferred Shares – CBLN

These preference shares become the sixth preference share issue to be listed on the exchange.

However, this is the first instance that BISX has had six tranches of preference shares listed at once. This brings the total number of preference shares listed on the exchange to 11 and the total number of secondary issues to 15.

Eligible secondary issues include any security issued by a public company that is already listed on the exchange. Included in the secondary listing category are corporate bonds, warrants and preference shares.

Commonwealth Bank’s Chairman William Sands Jr. was enthusiastic in completing the share listing.

“With these listings, we have now listed all our equity instruments on BISX, giving our current and future shareholders easy access to buy and sell the company’s shares,” he said. “Ever since our initial Common Share listing in 2000, we have supported the development of the Bahamas Capital Markets. The Preference Share listing complements our Common Share listing so that investors have a choice of equity or fixed interest instruments.”

Speaking about the Preference Shares listing, Keith Davies, the BISX Chief Executive Officer stated, “We congratulate Commonwealth Bank on this bold move of listing six tranches of preference shares all at once on the exchange. By listing these Preference Shares on the exchange, Commonwealth is allowing its preference shareholders increased liquidity through being listed on the nation’s only stock exchange. Commonwealth Bank was one of the issuers that listed on the exchange from inception and since that time has remained a key supporter of the exchange.”

Written by Jones Bahamas

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