Published: Monday July 21, 2008
BARBADOS SHIPPING & TRADING COMPANY LIMITED (BS&T) has acquired Cave Shepherd & Company Limited's five per cent stake in United Insurance, while Cave Shepherd has acquired BS&T's 25 per cent interest in Fortress Fund Managers Limited.
The effect of the transactions is that United Insurance becomes a wholly owned subsidiary of BS&T while Cave Shepherd's holding in Fortress increases from 37.5 per cent to 60 per cent, the remaining 2.5 per cent of shares being used to establish a share-participation scheme for Fortress staff.
Cave Shepherd has been associated with United Insurance since the company's formation, first as an agent. Later, its five per cent equity interest in United was created by incorporating Cave Shepherd's insurance agency business into United.
Similarly, BS&T was one of the founding shareholders of Fortress Fund Managers Ltd, an official statement said.
G. Anthony King, CEO of BS&T, and John Williams, CEO of Cave Shepherd, have both commented that these transactions allow BS&T and Cave Shepherd to more effectively and beneficially pursue their respective interests in these businesses, to which they each contribute substantial direction for business development and oversight.
Source: Nation Newspapers
http://www.nationnews.com/story/294491205800957.php
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