Barita Investments Limited (BIL) has become the largest shareholder in Proven Investments Limited, passing Peter Bunting, who held 4.8 per cent in the company at June 30, 2019.
On Monday, November 25, Proven and Barita advised that Barita had acquired a five per cent stake in Proven Investments Limited valued at US$9,864,233.39 (JM$1.34 billion at JM$135.9 to US$1), effective November 25, 2019.
The holding ranks ahead of Bunting, who according to the company’s latest quarterly report holds 30.09 million shares.
The transaction, which closed at Monday’s price of US$0.34 per share, gives Barita approximately 31.2 million units.
The Barita transaction values Proven at US$197.28 million (JM$26.8 billion).
Proven Investments trades on both Jamaican-dollar and US-dollar markets of the Jamaica Stock Exchange. On Monday, the stock traded at JM$45 per unit with total market capitalisation of JM$29.11 billion. On the USD market, the company was $0.34 per share with market capitalisation of US$197 million.
The Barita Group is made up of Barita Investments Limited and its subsidiary, Barita Unit Trusts Management Company Limited.
The company was founded by Rita Humphries-Lewin in 1977. In August 2018, Cornerstone Investment Holdings acquired majority shares in the company.
Proven Investments Limited is incorporated and domiciled in Saint Lucia under the International Business Companies Act, with registered office at 20 Micoud Street, Castries, Saint Lucia.
The primary activities of the Company are the holding of tradable securities for investment purposes.
Its subsidiaries include Boslil Bank Limited Saint Lucia; Proven Fund Managers Limited Jamaica Pension Fund Management; International Financial Planning (Cayman Limited); Jamaica Hire Purchase Financing; Real Properties Limited and its wholly owned subsidiaries; Saint Lucia Real Estate Investment; Proven REIT Limited Jamaica Management, and other subsidiaries.
Total company assets as at September 30, 2019 amounted to US$648.20 million (2018: US$533.25 million).