A SHAREHOLDER ADVOCACY GROUP says Barbadians are likely to become even more jaded about investing in public companies following the buyout of the former Barbados National Bank (BNB).
Doug Skeete, the interim president of the Barbados Association of Corporate Shareholders, made the comments ahead of today’s 3 p.m. deadline for individual shareholders to tender their shares to Republic Bank Limited of Trinidad and Tobago for the $5 per share.
The Port of Spain-headquartered financial institution already owns 65 per cent of the former BNB, now Republic Bank Barbados, and is trying to get 100 per cent control. It has offered $5 per share and Government and the National Insurance Scheme have agreed to sell their combined 27.14 million shares for which they will receive a total of $135.22 million.
Skeete, an accountant, said that with Republic Bank Limited’s plan to delist the local operation from the Barbados Stock Exchange (BSE) would reduce the BSE’s relevance. (GE)