Thursday, May 15, 2003 - St. Lucia Electricity Services today begins
trading its 11.2 million shares on the East Caribbean Securities Exchange. On
Thursday May 15, 2003, senior management of the Bank of St. Lucia welcomed
LUCELEC on board the Eastern Caribbean Stock Exchange (ECSE) as its third
listing, and the second for St. Lucia. Chairman of LUCELEC and Manager of the
Bank of St. Lucia Marius St. Rose remarked that LUCELEC has fulfilled a promise
made to shareholders in 1994, when the company changed status from a private to
“At the time we did not have the ECSC – East Caribbean Securities Exchange and
in the interim what we did, we used the Barclay’s Bank as a temporary resale
mechanism to facilitate the transfer of shares.”
St. Rose says that one of the distinctive features of the ECSE is its
sophistication. “It’s unlike other exchanges in the region, settles transactions
within or just a little over 24 hours of the date of transaction. Also it has
the feature of dematerialisation. A long, big word, which means that shares
certificates do not mean anything- the shares or your title to shares are
registered in securities registry in St. Kitts.
LUCELEC was commissioned in 1964 and operates under an
exclusive statutory license until the year 2045 when the license will expire.
The company’s customer base numbers 48,633 consisting of residential, commercial
and industrial customers.