Polaris Holding To Seek Relief From 60/40 Rule

November 28, 2012

[Updated] In a filing to the Bermuda Stock Exchange, Polaris Holding Company Ltd. gave notice of the Company’s intent — effective 02 January, 2013 — to seek relief from the 60/40 rule.

Polaris Holding Company Ltd. is the parent company of Stevedoring Services Ltd, Mill Reach Holding Ltd., and Equipment Sales & Rentals Ltd.

The Companies Act was recently amended to allow for companies fitting certain criteria to apply for Government’s permission to have over 40% of their shares foreign owned.

KeyTech and the Ascendant Group have already applied, and been exempted, from the 60/40 rule.

In a letter to the Government of Bermuda’s Minister of Business Development and Tourism, the Company stated: “Polaris Holding Company Limited, whose registered office is located at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda, hereby gives notice of its intention with effect from January 2nd, 2013, to rely on the provisions of section 113(1)(cd)(i) of the Companies Act 1981 and to carry on business in reliance upon the provisions of section 114(1)(e) of the said Act and accordingly hereby notifies the Minister that its shares are listed on the Bermuda Stock Exchange and that it is engaged as a business in a material way in the international transportation services (by ship or aircraft) industry.”

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Comments (5)

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  1. Chart says:

    This is Stevedoring Services, which runs the Hamilton docks.

  2. Bullseye says:

    This should not pass before the election. Otherwise there is risk.

  3. Coolieh says:

    Wake up!

    This is a very disturbing trend… This will ultimately lead to a further squeeze on jobs. The sale of BOB to HSBC resulted in many jobs losses and fewer locals in management; as foreign ownership only care about their financial return versus the well-being of our economy.

    We need to think more long-term and explore the impacts (both long and short term) of decisions on Bermuda Inc.

    As I see it, we’re just shooting from the hip with NO strategy at al.

    Yes, oddly, all under a labour government?