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Industry NewsThe Sobey family consolidates its Empire voting shares into single holding company

The Sobey family consolidates its Empire voting shares into single holding company

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Canadian Press file photo

The three branches of the Sobey family are pooling all of their Class B shares of Empire Co., the publicly traded parent of Sobeys Inc., in a new holding company, says a new report in the Toronto Star.

Stewart Mahoney, president of Class B Holdings Ltd. (CBHL), the new holding company, says that adopting the new governance structure will offer the families a better was to administer their interests in Empire Co.

Empire was incorporated in 1963, 56 years after J.W. Sobey launched a meat delivery business in Stellarton, N.S. Empire has grown to about $24 billion in annual sales.

CBHL has 92.66 per cent of Empire’s outstanding voting common shares. The Sobey families hold non-voting Class A shares outside of CBHL.

Source: Toronto Star

 

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