Friday, October 21, 2011

Belizean bank demerges its non-Belizean businesses into BVI company

The board of Belize bank BCB Holdings Ltd., listed on the Bermuda Stock Exchange, has proposed the reorganisation of the company to its shareholders.

The proposed reorganization is through the demerger of company's non-Belizean businesses into a company Waterloo Investment Holdings Ltd., which was recently incorporated in the British Virgin Islands as the new holding company for the non-Belizean businesses.

The company intends to demerge via a declaration and payment of a dividend by BCB Holdings to shareholders, followed by a capital reduction and repayment to those shareholders satisfied by the transfer of the non-Belizean businesses and the new loan note to Waterloo.