BWIA no longer listed on TT Stock Exchange in Trinidad and Tobago

BWIA’s delisting from the TT Stock Exchange was a result of various factors that led to the suspension of trading in its shares. Initially, the TTSE had suspended trading for three months at BWIA’s request, which was later extended for a further three months as the company was undergoing a restructuring process. However, the company faced challenges in making timely and accurate financial disclosures to its shareholders and the public. Furthermore, its financial condition was unsatisfactory, with its liabilities consistently exceeding its assets from 2003 to 2005.

In 2006, the TTSE requested the de-listing of BWIA, citing four primary grounds for its application. These grounds included BWIA’s financial condition, its inability to meet debt obligations, failure to disclose information accurately and on time, and the inability to establish an effective and fair market for its securities. TTSE, as a self-regulatory organization, had a duty to act in the best interest of investors and ensure compliance with established rules.

The commission reviewed BWIA’s financial statements from 2001 to 2005, which showed a pattern of annual losses and a consistent shortfall in assets compared to liabilities. Despite BWIA’s attempts to restructure and raise capital through rights issues, the government’s shareholding in the company had increased significantly, leading to a lack of public ownership of shares. This lack of public ownership further hindered the effectiveness and fairness of the market for BWIA’s securities.

Following a thorough review of all submissions and clarifications, the commission granted authorization for the de-listing of BWIA’s shares from the TT Stock Exchange, effective December 22, 2006. This decision was based on the grounds presented by TTSE, highlighting the company’s financial challenges, non-compliance with disclosure requirements, and the lack of a fair and effective market for its securities.

BWIA’s journey from being a publicly listed company to its eventual de-listing underscored the importance of financial transparency, timely disclosures, and maintaining a balanced ownership structure. The delisting of BWIA served as a cautionary tale for companies operating in the securities market, emphasizing the need for strict adherence to regulatory standards and the consequences of failing to meet those standards.