Court approves scheme of arrangement for restructuring of Cornerstone Group

 

 




Barita Investments Limited (BIL) has advised that the Cornerstone Group will now conclude a corporate reorganization following the receipt of court approval

The reorganization under a court-sanctioned composite scheme of arrangement, will result in Cornerstone Trust & Merchant Bank Limited, Barita Investments Limited, and Barita’s wholly-owned subsidiary, Barita Unit Trusts Management Company Limited, becoming subsidiaries of Barita Financial Group Limited (BFGL), the proposed financial holding company.

On April8, 2025 the company stated, “Barita Investments Limited ( is pleased to advise that on April 4th 2025, at a hearing with respect to the application for reorganization of the
Cornerstone Group, a Judge of the Supreme Court issued an order sanctioning the composite Schemes of Arrangement as set out in the Fixed Date Claim Form filed on December 31, 2023.

“The Schemes were approved pursuant to sections 206 to 208 of the
Companies Act of Jamaica. Under the relevant sections of the
Act, the Schemes will come into effect once the Order has been filed with the
Registrar of Companies on/or before Friday, April 11th 2025.”

Barita Investments Limited is a limited liability company incorporated and domiciled in Jamaica. The controlling party of the company is Cornerstone Financial Holdings Limited with a 75 per cent ownership as at year end.

The registered office of Cornerstone Financial Holdings is located at Suite I, Ground Floor, The Financial Services Centre, Bishop’s Court Hill, Barbados.

The company is a licensed securities dealer, investment manager, pension administrator and cambio operator and has primary dealer status from the Bank of Jamaica (BOJ).

It is licensed under the Securities Act and regulated by the Financial Services Commission (FSC). The company’s ordinary shares are listed on the Jamaica Stock Exchange (JSE).

The company founded the Cornerstone Group Employee Trust, as a special purpose entity, by the contributing of shares for the establishment of the Trust. The Trust acts as holding agent of shares within the company’s Employee Stock Option Plan.

The principal activities of the company and its wholly owned subsidiary, Barita Unit Trusts Management Company Limited (BUTM), are securities brokerage, money market activities, cambio operations, investment banking and funds management. The company acquired 20 per cent of the shareholding of Derrimon Trading Company Limited (DTC).

DTC is incorporated and registered in Jamaica. DTC is an associated company of Barita Investments Limited. “The Group” refers collectively to the company, its subsidiary and the employee trust.

Photo: Paul Simpon CEO Cornerstone

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