C&WJ Credit Union gets JSE listing nod

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File photo: An outside shot of C&WJ Credit Union Offices in St Andrew

C&WJ Co-operative Credit Union has received approval to list deferred shares on the Jamaica Stock Exchange.

C&WJ says the approval was received from the JSE’s listing committee.

The credit union started the process two years ago but the stock exchange raised questions that the listing might be in breach of the rules governing credit unions. 

In June last year the Jamaica Stock Exchange amended its rules to allow member-based organisations to list their shares.

The shares will be listed this Friday.

The listing will allow credit union members who participated in C&WJCCUL’s private offer in June 2018 to trade their shares with non-members of the credit union. 

The shares were initially to be listed in mid- to late-summer of 2019, but missed that deadline amid discussions with the Bank of Jamaica, BOJ, and the Department of Cooperatives and Friendly Societies, and pending the final nod from Industry Minister Audley Shaw, whose portfolio covers cooperatives.

Credit unions are currently being transitioned to oversight by the central bank.