The Tribune

THE Bahamas International Securities Exchange (BISX) last night announced that the listing application submitted by the Arawak Port Development Company had been formally approved by its Listing Committee, with the firm added to those listed on the exchange.

Trading in its ordinary shares, which have the symbol 'APD', will begin on Monday, April 23, boosting the exchange's market capitalisation by $50 million.

The listing of APD on BISX is the culmination of an effort that began in December 2011, with the company offering one million shares to the investing public.

This one million was combined with the four million shares already owned by the founding shareholders of APD, and results in a total of five million APD shares issued and outstanding. APD will list these 5 million shares on BISX at an opening price of $10.

Keith Davies, BISX's chief executive, said: "We are excited to add APD to the Exchange. What is most interesting about this share offering and listing is that this is one of the first times that Bahamians have been able to invest in a company that is still in the pre-operation stage of its development. The success of this offering should also illustrate the fact that Bahamians are willing to support and invest in strong companies based on their plans and future prospects."