Barita to reorganize to comply with the Banking Services Act

 

Barita Investments Limited (BIL) has advised that the Cornerstone Group is embarking on a corporate reorganization to comply with the Banking Services Act of 2014 (BSA).

The reorganization will proceed through a court-sanctioned composite scheme of arrangement, resulting in Cornerstone Trust & Merchant Bank Limited, Barita Investments Limited, and Barita’s wholly-owned subsidiary, Barita Unit Trusts Management Company Limited, becoming subsidiaries of Barita Financial Group Limited (BFGL), the proposed financial holding company.

An extraordinary meeting for shareholders will be held at noon, an in-person meeting for Barita’s shareholders on Monday, January 20, 2025, at the Spanish Court Hotel, 1 St. Lucia Avenue, Kingston 5.

Barita Investments Limited (Barita or the company) is a limited liability company incorporated and domiciled in Jamaica. The registered office of the company is 15 St. Lucia Way, Kingston 5.

The controlling party of the company is Cornerstone Financial Holdings Limited with a 75 per cent ownership as at year end.

The registered office of Cornerstone Financial Holdings is located at Suite I, Ground Floor, The Financial Services Centre, Bishop’s Court Hill, Barbados.

The company is a licensed securities dealer, investment manager, pension administrator and cambio operator and has primary dealer status from the Bank of Jamaica (BOJ).

It is licensed under the Securities Act and regulated by the Financial Services Commission (FSC). The company’s ordinary shares are listed on the Jamaica Stock Exchange (JSE).

The company founded the Cornerstone Group Employee Trust, as a special purpose entity, by the contributing of shares for the establishment of the Trust. The Trust acts as holding agent of shares within the company’s Employee Stock Option Plan.

The principal activities of the company and its wholly owned subsidiary, Barita Unit Trusts Management Company Limited (BUTM), are securities brokerage, money market activities, cambio operations, investment banking and funds management. The company acquired 20 per cent of the shareholding of Derrimon Trading Company Limited (DTC).

DTC is incorporated and registered in Jamaica. DTC is an associated company of Barita Investments Limited. “The Group” refers collectively to the company, its subsidiary and the employee trust.

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