Barita Investments to be de-listed from Jamaica Stock Exchange

• Barita Investments will be delisting from the Jamaica Stock Exchange, as part of its parent company’s, Cornerstone United Holdings Jamaica (CUHJL), re-organization exercise. The proposed plan to remove the shares of Barita from the Jamaica Stock Exchange comes after the Bank of Jamaica raised no objection to the re-organization of Cornerstone Group of Companies, of which Barita is a member.
• This is in a bid to address a regulatory concern, linked to the parallel ownership of Cornerstone Trust & Merchant Bank and Barita Investments Limited by Cornerstone shareholders. Cornerstone says, under the proposed new structure, Cornerstone Trust Mutual Bank (CTMB), Barita and Barita Unit Trust Management Company, will be held under Cornerstone United Holdings, which will see a new company being formed for this purpose.
• Barita's shares will be delisted from the Jamaica Stock Exchange, and shares of the newly formed financial holding company (FHC) will be listed in its place. Existing shareholders who own an equal number of shares in each of the Cornerstone entities will own one set of shares in Cornerstone Financial Holdings, post-merger.
• At the end of the process, Cornerstone United Holdings Jamaica will become the direct parent of Barita and CTMB. As a key part of the process, Cornerstone says an application will be made to the Supreme Court for meetings to be had with shareholders of the companies in the group that will be reorganized, for a vote on the Scheme to be executed.

(Source: RJR)