Barita receives offer to acquire majority shareholdings

On August 03, 2017, Barita Investments Limited (BIL) advised the public that the Company has received an offer to acquire majority shareholdings in the Company.

Barita Investments Limited (BIL), a limited liability company, is licensed as a security dealer and has primary dealer status from the Bank of Jamaica (BOJ). Licensed under the Securities Act, BIL is regulated by the Financial Services Commission (FDC) and has its ordinary shares listed on the Main Market of the Jamaica Stock Exchange.

The primary operations of Barita include stocks and securities brokerage, money market activities, cambio operations, funds management, and the production of animated films, cartoons, TV shows and animated games.  As at March 31, 2017, Rita Humphries-Lewin, the company’s chairman, was majority shareholder with approximately 76.3% of the shares outstanding.  The second and third largest shareholders of the company are BPM Finance Limited with 3.5% and Peta-Rose Hall holding 2.1% respectively.

The company reported an 11% decline in net profit for the first six months of the 2017 to total $58.13 million (2016: $65.42 million) due to an impairment provision on an investment in a start-up enterprise. According to management, “if impairment was excluded from the results, net profit would have increased by 50% to $98.13 million). While gross revenues during the six months period rose 11% or $93.82 million to $922.41 million relative to $828.59 million book for the comparable period in 2016. The stock price closed trading on August 03, 2017 at $6.85 with a market capitalization of $3,054,256,244.40. The company in its advisory added, “the offer is under consideration by the Company’s Board of Directors and that discussions continue, pending the preparation and conclusion of definitive agreements.”



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