UTC backs Stock Exchange amendment

UTC Executive Director, Nigel Edwards, has come out in support of the recent amendment by the Trinidad and Tobago Stock Exchange (TTSE) of the Special Market Listing requirement for Small and Medium Enterprises (SMEs).

A statement on Friday morning said with the amendment being made to Rule 400(2)(g) in respect of the listing for SMEs, effective August 22nd, the public float requirement has been reduced from 30% to 20%.

The statement went further in saying by lowering the public float requirement, the amendment allows companies to retain a larger share of ownership, which can be crucial for driving growth and innovation.

The small and medium enterprises (SMEs) in T&T, represent roughly 85 percent of all registered businesses locally.

“Consequently, the SME sector’s role in economic activity and contribution to T&T’s gross domestic product (GDP) cannot be overlooked. In addition, this significant change is a positive step in fostering a more conducive environment for SMEs to access capital markets,” the UTC statement read.

Edwards said, “We commend the TTSE for implementing this forward-thinking change and look forward to companies leveraging the benefits it brings to the broader business community.”

“This adjustment aligns with UTC’s strategic objective of supporting the growth of Trinidad and Tobago’s entrepreneurial framework through its Scale up TT programme that is driving impressive growth across a diverse array of industries across TT’s economy. This change will further enhance the ability of companies to access capital and contribute to economic development,” he added.

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