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The company now known as Barita Financial Group Limited, BFGL, has finalised the legal aspects of its corporate restructuring, following the approval by the Supreme Court this month.
“The schemes will come into effect once the order has been filed with the Registrar of Companies, on or before Friday, April 11th,” Barita Investments said in a market filing on the Jamaica Stock Exchange on Wednesday.
The process of the reorganisation involved the cancellation of shares in Barita Investments Limited and Cornerstone Trust & Merchant Bank Limited, and their reissue to Barita Financial Group as the new financial holding company.
The next step involves the delisting of Barita Investment shares and the listing of shares in BFGL, whose assets include Cornerstone Trust and Merchant Bank, Barita Investments Limited, and Barita Unit Trust.
The restructuring places the regulated companies within the group under one holding company, and is in line with regulatory requirements under the Banking Services Act.
Up to the end of 2024, Bank of Jamaica had issued financial holding company licences to NCB Financial Group Limited, JN Financial Group Limited, JMMB Financial Holdings Limited, Sagicor Group Jamaica Limited, VM Financial Group Limited, Scotia Financial Group Limited, and GK Financial Group Limited. Barita Financial now joins that list.
The reorganision will have no adverse effect on the Cornerstone and Barita Investment shareholders, Cornerstone previously said in the scheme booklet issued in January.
The unlisted CFHL, or Cornerstone Financial Holding Limited, will become the ultimate holding company of the group after the reorganisation. It will hold all other entities.
Barita Investment Limited holds assets of $139.6 billion and capital of $35.5 billion, its December 2024 year-end financials show. Up to Wednesday the company was valued at $87.6 billion on the stock market.
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