Cornerstone Investments Holdings Limited made an offer to acquire Barita Investments Limited from Rita Humphries-Lewin, Karl Lewin and others for JMD 4.1 billion.
July 18, 2018
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Cornerstone Investments Holdings Limited made an offer to acquire Barita Investments Limited (JMSE:BIL) from Rita Humphries-Lewin, Karl Lewin and others for JMD 4.1 billion on July 19, 2018. The offer price is JMD 9.2. The financing for the transaction was arranged by Sagicor Investments Jamaica Limited. Post-acquisition, Board of Barita will constitute, Mark Myers as Chairman, Paul Simpson as Deputy Chairman, Ian McNaughton as Managing Directors and Duncan Stewart, Robert Drummond, Carl Bruce, James Godfrey, Carl Domville and Rita Humphries-Lewin as Directors, while Karl Lewin will cease to be a Director. Cornerstone entered into lock-up agreement with Rita Humphries-Lewin and Karl Lewin, who own 77.5% stake in Barita Investments. The transaction is approved by Directors of Cornerstone. The offer is scheduled to open on July 26, 2018 and close on August 16, 2018. Sagicor Investments Jamaica Limited acted as broker and KPMG Regulatory & Compliance Services acted as registrar to the offer. Nunes, Scholefield, DeLeon & Co. acted as legal advisor for Barita. Hylton & Hylton acted as legal advisor for Cornerstone Investments.
Barita Investments Limited is a Jamaica-based licensed securities dealer, investment manager, pension administrator and Cambio operator. The Company's segments include fixed income, funds management and other. The fixed income segment includes money market activities and securities broking. The funds management segment includes the administration of a number of managed funds. The other segment includes the operation of foreign exchange Cambio, investment banking, stock broking and any other income. Its products include capital growth fund, FX bond portfolio, FX growth portfolio, income portfolio, money market fund, real estate portfolio, pension fund management, individual retirement scheme, fixed income and stocks and research. The Company's services include FX trading/Cambio, Barita smart loan, investment banking, Barita wealth and Barita bucks. Its FX bond portfolio includes local government securities, sovereign government securities and corporate enterprises of A-Grade rating.
Cornerstone Investments Holdings Limited made an offer to acquire Barita Investments Limited from Rita Humphries-Lewin, Karl Lewin and others for JMD 4.1 billion.