19th Jun 2008 07:00
Bermuda Stock Exchange Approves Secondary Listing of No Par Value Ordinary Shares and Warrants of BB Holdings Limited
Belize City, Belize, 19 June 2008 - BB Holdings Limited ("BB Holdings" or the "Company") announced today that The Listing Committee of the Bermuda Stock Exchange ("BSX") has approved the listing of its 62,554,050 ordinary shares of no par value each and its 18,786,750 warrants to subscribe for ordinary shares at US$6.50 per new ordinary share (together referred to as the "Securities").
BB Holdings is a company incorporated in Belize under the International Business Companies Act of Belize. The Company primarily operates financial services businesses through The Belize Bank Limited ("Belize Bank") and Belize Bank International Limited (Belize Bank International"), both located in Belize, and The Belize Bank (Turks and Caicos) Limited ("Belize Bank TCI"), located in the Turks and Caicos Islands. In addition, through its 24.8 percent ownership in Numar, BB Holdings has an interest in a successful and market-leading edible oil processing and distribution operation in Costa Rica.
The financial services business is the market leader in Belize where the Belize Bank is the oldest and largest, full service commercial and retail banking operation in the country with a head office in Belize City and eleven branches extending into each of the six districts of Belize. The principal operations of the Belize Bank are commercial lending, consumer lending, deposit-taking and related banking activities. Belize Bank is a key provider of various banking services to domestic customers and its loan portfolio at March 31, 2008 amounted to $335 million.
Belize Bank International provides a full range of banking services to its worldwide customers. The comprehensive range of services includes deposit accounts in multiple currencies, flexible types of loan facilities, credit, debit, and prepaid cards, on-line stock trading, on-line banking, on-line merchant acquiring, company formation and administration and other related services. Belize Bank International also has solid correspondent banking relationships with a number of leading international banks including Bank of America, Lloyds TSB and Wachovia.
In the Turks and Caicos Islands, Belize Bank TCI is one of the largest commercial lenders and is expanding rapidly. Belize Bank TCI has grown to be one of the leading financial institutions in the Turks and Caicos Islands where it provides lending and deposit facilities together with a range of other banking services to domestic and international customers. Belize Bank TCI has equity of $157 million which gives it one of the strongest balance sheets among banks operating in the Turks and Caicos Islands. As at March 31, 2008, Belize Bank TCI had a loan portfolio of $363 million making it the largest lender in the Turks and Caicos Islands. The loan portfolio is expected to grow further as future earnings continue to be reinvested in the business.
Numar, based in Costa Rica, owns edible oil processing and distribution operations and palm seed plantations in Central America, where the company is a market leader in the production and distribution of edible oils, margarine, industrial oils and animal feed. Numar has been in operation for over 50 years and has an experienced, long established management team.
The listing of the Securities was sponsored by Appleby Securities (Bermuda) Limited.
Greg Wojciechowski, President & CEO of the BSX stated, "We are delighted to welcome BB Holdings Limited to the Official List of the BSX. BB Holdings Limited joins a prestigious group of companies that have listed on the BSX. The BSX looks forward to working with BB Holdings and its shareholders in creating an additional liquidity source for BB Holdings stock in the Western Hemisphere and closer to the company's centres of commercial interest.""
"Appleby Securities (Bermuda) Limited is very pleased to have been chosen as sponsors to BB Holdings Limited; Appleby has provided a variety of services to the group for a number of years and we welcome this further association with Bermuda", said Carol Feathers, Director of Appleby Securities (Bermuda) Limited.
For further information on BB Holdings contact:
Makinson Cowell BB Holdings
+1 (212) 994 9044 UK +44 (0) 20 7248 6700
Belize +501 227 7178
Note: This and other press releases are available at the Company's website: www.bbholdingslimited.com
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For more information on the Bermuda Stock Exchange (BSX), contact Bruce McMartin at 1-441-292-7212 or [email protected]. Information is also available at www.bsx.com on Bloomberg at BSX .
The BSX was founded in 1971 and is the world's leading fully electronic offshore securities market. The BSX lists equities, mutual funds and bonds, as well as depository receipts. The BSX is a full member of the World Federation of Exchanges (WFE) and an affiliate member of IOSCO. In addition, the BSX is recognized by the U.S. Securities & Exchange Commission (SEC) as a Designated Offshore Securities Market under Regulation S, The Financial Services Authority in the UK as a Designated Investment Exchange, The Bermuda Monetary Authority as a Recognised Investment Exchange and an Approved Stock Exchange under Australia's Foreign Investment Funds (FIF) taxation rules.
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