ONE day last week—it must have been Tuesday, my offday—I was flipping through the newsroom of the T&T Stock Exchange website, when I came across a notice that read: “The Trinidad and Tobago Stock Exchange Limited (TTSE) received notice from Massy advising that a shareholder connected to a director purchased 109,273 Massy shares on October 21, 2019.” That’s interesting, I thought to myself, as I headed directly to the pulldown menu that allows viewers to get all of the recent notices of the companies listed on the local stock exchange.

That action led to the discovery of not one but four notices indicating that a director of the local, publicly listed conglomerate, Massy Holdings Ltd, had spent over $35 million to acquire 645,471 shares of the company in October. The acquisition of the shares took place in four transactions on October 2, October 7, October 16 and October 21 and came just after the close of the company’s 2019 year end on September 30.

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This week, we at Bourse review the financial performance of MASSY Holdings Ltd (MASSY) for the year ended on September 30, 2019.

MASSY Holdings Ltd (MASSY)

MASSY Holdings Ltd (MASSY) reported a Basic Earnings per Share (EPS) of $5.76 for the full year ended September 30, 2019, an 8.3 per cent improvement over the reported 2018 figure of $5.32. Group Revenue remained relatively flat, increasing to $11.6b for 2019 (up 0.4 per cent). 

FINANCE Minister Colm Imbert is assuring that the Office of Procurement Regulation would still have the power to investigate government-to-government arrangements after Government makes “slight” amendments to Section 7 of the Public Procurement and Disposal of Public Property Act next month.

A CALL has been made for Government to take immediate action on campaign finance reform and implementing the public procurement legislation.

Without these two pieces of legislation, says the Trinidad and Tobago Transparency Institute (TTTI), this country’s scoring on the Corruption Perception Index (CPI) will remain stagnant.