Ciboney Group Limited (CBNY) – Timely Disclosure of Impact of COVID-19 on Operations

Posted: June 29, 2020 at 9:24 am

Ciboney Group Limited (CBNY) has advised of thew receipt of letter from the Jamaica Stock Exchange, dated June 22, 2020, subject, “Timely Disclosure of Impact of COVID-19 on Operations”.

“As you are aware, the Ciboney Group Limited has not been actively trading for over fifteen (15) years, following sale of the Ciboney Hotel & Villas in Ocho Rios, St. Ann in or around 2004. The sale of its second property, being land only, located at Culloden, Westmoreland in 2017 effectively released this property into private ownership for further development, leaving the Group with some cash as its only (main) asset.

“Based on its intervention in the Eagle Financial Network in 1997, FINSAC Limited became majority shareholder of the Ciboney Group Limited and we understand that it has been its plan over the years to seek to identify a suitable purchaser for its 72% shareholding. Unfortunately, to date this has not been achieved and the intervention of Covid-19 has not assisted the process. Nonetheless, we believe efforts will continue so to do.

“Turning to our AGM, we had planned a meeting for April 10, 2020, but this had to be postponed. In view of some lifting in current governmental restrictions, we have had initial discussions with a hotel and will endeavour to reschedule this meeting for another 6-8 weeks, i.e. mid-late August. Please be guided accordingly,” CBNY advises.

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