Barita Investments Limited recently disclosed the preliminary outcomes of the votes cast by the shareholders of Barita during its Extraordinary General Meeting held at the Spanish Court Hotel in Kingston. The focus of the meeting was on the proposed court-sanctioned composite Scheme of Arrangement for the Cornerstone Group. This arrangement would see Cornerstone Trust & Merchant Bank Limited (CTMB), Barita, 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.
The results of the shareholders’ votes were overwhelmingly in favor of the composite Scheme of Arrangement, with 81.87% in value of Barita’s shareholders approving the proposal. Moreover, at an Extraordinary General Meeting of Cornerstone United Holdings Jamaica Limited, the parent company of CTMB, the majority of shareholders present also voted in favor of the arrangement, representing more than 95% in value.
Key Points to Note:
- The proposed composite Scheme of Arrangement for the Cornerstone Group received approval from the majority of Barita’s shareholders, demonstrating widespread support for the initiative.
- The shareholders of Cornerstone United Holdings Jamaica Limited also voted in favor of the arrangement, further solidifying the decision.
These results indicate a positive direction for the future collaboration and integration of the aforementioned companies under the umbrella of Barita Financial Group Limited. The strong show of support from both sets of shareholders signifies confidence in the vision and strategy behind the proposed composite Scheme of Arrangement and sets a solid foundation for the next steps in this process.
In conclusion, the resounding approval from shareholders of both Barita and Cornerstone United Holdings Jamaica Limited marks a significant milestone in the journey towards establishing Barita Financial Group Limited as the financial holding company overseeing these entities. This united front paves the way for enhanced synergy, growth opportunities, and strategic alignment within the group, reflecting a positive outlook for the future of this merger.
