December 31, 2024
Barita Investments Limited (BIL) has advised that the Cornerstone Group is embarking on a corporate reorganization to comply with the Banking Services Act of 2014 (“BSA”). The reorganization will proceed through a court-sanctioned composite scheme of arrangement, resulting in Cornerstone Trust & Merchant Bank Limited, Barita Investments Limited (“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 Directors have resolved that an in person Extraordinary General Meeting will be held at 12:00 p.m. on January 20, 2025, at the Spanish Court Hotel, 1 St. Lucia Avenue, Kingston 5 for the purpose of considering and if thought fit approving (with or without modification) a Scheme of Arrangement proposed to be made between the Company and its ordinary shareholders.
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