Investment holding company Cornerstone is one step closer to putting in place a brand new consolidated corporate structure.

Cornerstone is one of the leading investment companies in the Caribbean with assets of J$360 billion (US$2.2 billion) under management. It is the parent company of Barita Investments  and together with its other holdings (across different industries) now has  total assets of US$800 million.      

Today Cornerstone filed the requisite documents in the Supreme Court to initiate the process of  reorganization of the Group via a scheme of arrangement in accordance with the Banking Services Act. According to Chairman of Cornerstone, Mark Myers, “this action was always intended by our Group so as to ensure consolidation of the ownership of our operating financial entities under one financial holding company. Consequent to the reorganization which will facilitate further integration of various functions across the operating businesses of Cornerstone, the Group will realize operating efficiencies and synergies over the near to medium term.”

In February of 2022 Cornerstone submitted a financial holding company application and restructuring business case to the Bank of Jamaica (BOJ”) for consideration. With the BOJ on March 10, 2023 having issued its non-objection to the reorganization of the Cornerstone Group, the court filing by Cornerstone today marks the first step towards implementation of the consolidated corporate structure. 

Sources have revealed that the Group is in the process of acquiring expanded skillsets and realizing opportunities for greater efficiencies in preparation for the roll out of the consolidated structure. 

Analysts note that from 2018 to 2023, Cornerstone has done a remarkable job of building the business from US$100 million to US$2.2 billion. What readily stands out here is how Cornerstone has strengthened the risk-management and governance profile of the company.