Demerara Bank Limited (DBL) has declined to comment on a decision by the Guyana Association of Securities Companies and Intermediaries Incorporated (GASCI) to suspend trading in the company’s shares.
Stabroek News reached out on Monday to DBL CEO Pravinchandra Dave for a response to a public notice that with effect from Monday June 3rd, 2019 the company’s shares would not be traded on the local stock market and was told by his secretary that there “would be no comment on the matter at this time.”
“If we wish to address the issue we will reach out to you,” this newspaper was informed.
On Sunday, Stabroek News reported that the decision was taken following the refusal of DBL to honour a trade conducted by the GASCI.
Chair of the GASCI board Nikhil Ramkarran explained that he was not sure how long the suspension is likely to last.
“The decision to suspend was based on some issues which arose in a trade… they declined to go through with a trade that occurred. We have asked them to reconsider. They may or may not,” he explained.
Ramkarran could not provide details of the nature of the trade but advised that the stock exchange could provide the relevant information.
Stabroek News also reached out to GASCI’s Corporate Secretary George Edwards but was unable to make contact with him up to press time.
Meanwhile, the matter has been brought to the attention of the Guyana Securities Council (GSC) and was set to be discussed at a regular session of GSC, scheduled for Monday.
Chair of the Council’s Board, Rawle Lucas, who related this information assured that the issue “was a disagreement between the two entities,” which “will not have any implications for financial sector of Guyana.”
