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Jamaica’s financial regulatory authority, the Financial Services Commission (FSC) has written to investment and brokerage firm, Barita Investments Limited (BIL) indicating that it has no objection to the prospectus and addendum the entity had issued in support of its ongoing Additional Public Offer (APO).
Loop News understands that the FSC, in correspondence to Barita on September 13, referred to Barita’s successful and satisfactory conclusion of the regulatory body’s review of a draft of the addendum to the prospectus registered by BIL regarding the APO.
Barita Investments Chairman Mark Myers and Deputy Chairman Paul Simpson were copied on the letter which was addressed to General Manager of Barita, Paula Barclay and dispatched by FSC Executive Director Everton McFarlane.
The FSC told Barita that it takes the opportunity to thank the directors and management of BIL for the constructive engagement aimed at providing enhanced insights into the operations and performance of the company.
In signalling that it has no issues with the APO proceeding, the FSC told Barita that it is in a position to confirm that the addendum to BIL’s prospectus was reviewed in line with its requirements under the FSC’s Guidance Notes and based on that assessment, the FSC has no objection to the addendum.
It’s understood that the FSC’s no-objection to the publishing of the addendum was supported by the regulator’s independent analysis of the key drivers of revenues for the company which was explained in detail in Barita’s addendum.
The clearance from the FSC follows articles in the Jamaican and Trinidadian media about recent transactions the entity conducted that was found to be above board.
For its part, Barita said it must be noted that it’s a highly regulated financial company, with oversight from the FSC, the Bank of Jamaica and the Jamaica Stock Exchange.
Barita reiterated that along with the everyday analysis of its operations, it had sought and previously received a no-objection from the FSC prior to coming to the market with this latest APO.
The company said that its mechanisms of checks and balances are ably supported by its internal auditors Ernst and Young (EY) and its external auditors, BDO. Additionally, since acquisition, the company has overhauled its policies and procedures with critical support provided by audit firm, KPMG.
Barita noted that all transactions with its associated entities are in the normal course of business, and would have been subjected to all requisite disclosure requirements while noting that the way it structures its business is consistent with established practices in the local and international capital markets.
Since the acquisition of Barita by Cornerstone, the company — through four capital raises in two and a half years — has added over J$23.7 billion in permanent equity capital. Barita noted that the growth in profitability of approximately 10 times since acquisition is fully matched by the growth in its capital base over the same period.
Barita further noted that its growth over the past three years up to 2021, has been fuelled by its ability to hire the right talent, raise and deploy funds, and attract external partners in a way that supports both its strategic positioning in certain asset classes — and the expansion of key business lines, particularly its investment banking and asset-management businesses.
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