Business

BBX Capital approved for listing on NYSE

Alan B. Levan, Chairman and Chief Executive Officer of BBX Capital
Alan B. Levan, Chairman and Chief Executive Officer of BBX Capital ESPECIAL EL NUEVO HERALD

BBX Capital, a Fort Lauderdale-based diversified holding company, announced Thursday that it has been approved for listing on the New York Stock Exchange.

The company said trading is set to begin Thursday, July 13, under the ticker symbol “BBX.”

“This is an important milestone for BBX Capital. We have witnessed significant progress in our financial and operating platforms, and believe listing on the NYSE offers the potential to enhance shareholder value,” said Alan B. Levan, Chairman and Chief Executive Officer of BBX in a public statement.

The company’s primary businesses are Bluegreen Corporation, a vacation timeshare company, and holdings in its real estate and middle market divisions. As of March, BBX Capital held $1.4 billion in assets.

BBX currently trades over the counter and closed up 2.04 percent at $6.49 after Thursday’s announcement.

BBX Capital, previously BFC Financial Corporation, has grown its portfolio from the real estate holdings that remained after the company sold BankAtlantic to BB&T in 2012.

In May, Levan and BankAtlantic were cleared of all charges that the company had misled investors during the financial crisis. The charges were brought in a civil suit by the Securities and Exchange Commission and dismissed by a federal jury.

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