Neal & Massy has pledged not to change the name of Barbados Shipping & Trading (BS&T) or subsume the conglomerate’s brand into the Trinidadian firm, following the long-awaited conclusion to BS&T’s drawn-out takeover saga.
Of the recently ended impasse between Neal & Massy and the Barbados Securities Commission (BSC), Neal & Massy’s CEO Bernard Dulal-Whiteway revealed that after the issue dragged on for months, the company’s chairman, Arthur Lok Jack, wrote to BSC’s chairman Sir Neville Nicholls asking for a chance to resolve the matter outside of the courts.
The buy-out that followed has seen Neal and Massy obtain a controlling share of 85% in Barbados’ largest conglomerate, which reflects the group’s regional progress and signals the coming together of more resources and opportunities, to develop more products.
Ownership of BS&T by the Trinidad-based conglomerate is being welcomed by Barbadians, though cultural challenges and possible displacement are expected. It is expected that as soon as monies are paid to BS&T shareholders, a new entity named Neal and Massy BS&T Group Ltd will be formed within the next few months and this will be followed by an honest assessment of all BS&T companies.
... to continue reading you must be subscribed
