Loop Business News
The Bank of Jamaica (BOJ) has written to prominent firm, Cornerstone United Holdings Jamaica Limited (CUHJL), indicating that its supervisory committee has no objection to the reorganising of the group.
The BOJ issued the no-objection on March 10 this year under the signature of its Governor Richard Byles.
The letter was issued pursuant to Section 7 of the Banking Services Act and is being hailed in some quarters as crucial to Cornerstone moving forward with plans of unlocking major value for its shareholders, clients and other stakeholders.
“The bank extends its best wishes as Cornerstone embarks on the proposes restructuring activities,” the BOJ governor concluded his letter.
The Central Bank also advised that the consolidation of Barita Finance Limited and MJR Real Estate Holdings Limited be pursued for prudential reporting purposes as a part of Cornestone’s restructuring exercise.
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