“It’s just a tidying up of the structure and making the operation less costly,” Matalon, the principal and chairman of the ICD Group, told the Financial Gleaner.
At present, BCIC, a general insurer in which ICD holds 68.5 per cent, and WIHCON Properties, the group’s property-management arm, fall under Industrial Finance Holding Company (IFH), an ICD subsidiary.
But ICD has gone to court with a scheme of arrangements, as is allowed under Jamaica’s company law, to cancel the existing shares in the two firms and to issue new ones directly to ICD.
A High Court judge is to rule December 16 on the application, following the endorsement of the deal by BCIC’s minority shareholders.
Approval of the proposed re-organisation by the shareholders’ of WIHCON Properties was never in doubt, given that it is, ultimately, 100 per cent owned by ICD Group. Read More.