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Thursday, February 20, 2025

Barita shareholders approve holding company status

by

24 days ago
20250128
Founder and president of Cornerstone Financial Holdings Ltd, Paul Simpson

Founder and president of Cornerstone Financial Holdings Ltd, Paul Simpson

The share­hold­ers of Bari­ta In­vest­ments Ltd, a pub­lic com­pa­ny list­ed on the Ja­maica Stock Ex­change (JSE), last week ap­proved the court-sanc­tioned scheme of arrange­ment for the Cor­ner­stone Group at an ex­tra­or­di­nary gen­er­al meet­ing in Kingston.

In a no­tice on the JSE web­site, Bari­ta said the fi­nal re­sults con­firmed by the com­pa­ny’s Reg­is­trar, the Ja­maica Cen­tral Se­cu­ri­ties De­pos­i­tor, in­di­cat­ed that 99.66 per cent of the Bari­ta’s share­hold­ers who were present or sent in their prox­ies vot­ed in the af­fir­ma­tive for the com­pos­ite scheme of arrange­ment.

That rep­re­sents 81.87 per cent in val­ue of the share­hold­ing in Bari­ta.

T&T’s ma­jor­i­ty state-owned bank, the First Cit­i­zens Group, is the sec­ond largest share­hold­er of Bari­ta In­vest­ments, with 7.41 per cent of the com­pa­ny.

The vote at the meet­ing paves the way for the Cor­ner­stone Trust & Mer­chant Bank, Bari­ta In­vest­ment and Bari­ta’s whol­ly-owned sub­sidiary, Bari­ta Unit Trusts Man­age­ment Com­pa­ny, to be­come sub­sidiaries of Bari­ta Fi­nan­cial Group, the pro­posed fi­nan­cial hold­ing com­pa­ny.

For the fi­nan­cial year end­ed Sep­tem­ber 30, 3024, Bari­ta In­vest­ments de­clared af­ter-tax prof­it of J$3.81 bil­lion (US$24.26 mil­lion), which was an 11.7 per cent in­crease com­pared to the J$3.41 bil­lion the fi­nan­cial ser­vices com­pa­ny earned in its 2023 fi­nan­cial year.

Paul Simp­son is the founder, pres­i­dent and CEO of Cor­ner­stone Fi­nan­cial Hold­ings Com­pa­ny.


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