Mayberry Investments announced its intention to undertake a reorganization of the Group to facilitate ease of ongoing regulatory monitoring and allow for greater flexibility in operating to take greater advantage of opportunities in unregulated markets.
Mayberry Ithe lead broker.
The reorganisation which will be undertaken pursuant to a Court-approved Scheme of Arrangement will result in a new parent company, Mayberry Group Limited, will be established in Saint Lucia and will, in turn, and a new financial holding company in Jamaica, Mayberry Holdings Limited
Mayberry Jamaica Equities and Widebase will become direct subsidiaries of Mayberry Group. Mayberry Investments will become a wholly-owned subsidiary of Mayberry Holdings.
Shareholders in MIL will become direct owners Mayberry Group, the ultimate parent company. The reorganization is conditional upon the Scheme of arrangement being approved by the Jamaican Supreme Court and the Jamaica Stock Exchange (“JSE”) approving Mayberry Group, the new parent company, for listing by Introduction on the main market of the JSE, in place of MIL.
For the quarter to March this year, Mayberry Investments reported a profit attributable to shareholders of $692 million up from a loss of $331 million for the first quarter in 2021, with a major turnaround in net unrealized losses of $761 million on investment in associates to gains of $868 million.