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