SAGICOR FINANCIAL CORPORATION shareholders are to vote early next month on a proposal to move its headquarters from Barbados to Bermuda which has edged out Trinidad and Tobago, where the majority are resident, as the preferred domicile.
After more than a year of having signalled the relocation intent, the company’s notice of the scheduled poll during the June 8 annual meeting at the Lloyd Erskine Sandiford Centre was also given in a newspaper advertisement yesterday.
And immediately, some shareholders were raising concerns about the tax ramifications and anticipated “robust” discussion at the meeting.
“You have to find out whether they have Exchange Control permission,” one shareholder told the SUNDAY SUN, “because I, as a shareholder, would now be owning shares in a non-resident company, and also how and whether the dividends will be taxed.” (AB)
Please read the full story in today’s Sunday Sun, or in the eNATION edition.