Neville Blythe, former owner of CVM, had announced plans to list the broadcast company two months before he sold out to Michael Lee Chin. - File

Susan Gordon, Business Reporter

The 2006 plans to list CVM TV on the Jamaica Stock Exchange by February of this year have been shelved says AIC, new owners of the communication company.

Last year February, former president and then majority shareholder, Neville Blythe, announced plans to list CVM TV on the JSE in the space of 12 months or less.

To support the plan, Blythe invited directors and shareholders of the company to help raise an additional $100 million to broaden CVM's equity base by way of a rights issue.

The additional funds came from the creation of 200 million shares sold at $0.50 each.

But only two months after Blythe made the announcement, he offered AIC owner Michael Lee Chin the opportunity to buy controlling interest in the company.

It is believed that Blythe was paid $250 million for a 51 per cent share in the CVM Group which comprises CVM TV, one of its stronger brands.

"At this time, we are not listing CVM," Shamena Khan, a director of AIC Barbados confirmed to the Financial Gleaner on Wednesday.

susan.gordon@gleanerjm.com