BARITA Investments Limited has moved a decisive step closer to absorbing JN Fund Managers Limited (JNFM) after securing the critical regulatory no-objection from the Financial Services Commission. The transaction, valued by financial sector sources at approximately $4.2 billion, is poised to create one of Jamaica’s largest asset manager, overseeing a combined portfolio exceeding $500 billion.
The acquisition finalises a sweeping divestment strategy for the vendor, the Jamaica National Group, which has been selling assets after reporting aggregate losses of $8.54 billion over three consecutive financial years. For the acquirer, Barita, the deal represents the latest and largest move in a years-long strategy of aggressive expansion orchestrated by its ultimate parent company, Cornerstone Financial Holdings Limited. However, the purchase coincides with Barita’s own reported cooling of profitability and a delay in publishing its audited accounts, framing the deal as a major strategic bet where the purchase price represents approximately 140 per cent of its most recent annual net profit.
Read more at the Jamaica Observer
