Cayman’s power company marked its 35th anniversary on the Toronto Stock Exchange (TSX) by opening the day’s trading on Wednesday.
Richard Hew, president and CEO of Caribbean Utilities Company, hit the button to sound the siren that signalled the start of business at the TSX on 10 Sept. Also on hand for the milestone as part of the Cayman contingent was board chair Sheree Ebanks.
CUC was the first Cayman Islands company to be listed on an international stock exchange. Hew spoke to Compass TV about why the utility company chose to go public back in 1990.
“We were seeing tremendous growth in Cayman and the private shareholders at the time needed to raise more capital to invest in the infrastructure to stay ahead of the electricity demand,” he said. “So they decided at that time to float the company on the Toronto Stock Exchange and sell a portion of the company to the to the wider market. It was an enabling moment for the company to get the level of investment required to stay ahead of Grand Cayman’s growth.”
It was the second time CUC executives sounded the start of a trading day on the Toronto Stock Exchange, the first being 10 years ago on the 25th anniversary of its debut on the exchange.
An exchange spokesman said, “The company’s listing on the Toronto Stock Exchange on September 10, 1990 marked a pivotal step in the company’s evolution.
“Now, celebrating 35 years on the TSX, this milestone stands as a powerful testament to CUC’s enduring growth, operational resilience and steadfast commitment to transparency, accountability and long-term value creation for its shareholders.”
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