Ja­maican in­vest­ment com­pa­ny Cor­ner­stone Fi­nan­cial Hold­ings Ltd cur­rent­ly has three cred­it fa­cil­i­ties with state-owned com­mer­cial bank First Cit­i­zens Bank Ltd to­talling US$60.1 mil­lion.

The col­lat­er­al be­ing held to se­cure those fa­cil­i­ties is cur­rent­ly val­ued at US$106.7 mil­lion, a doc­u­ment ob­tained by Guardian Me­dia Ltd has shown.

Ac­cord­ing to that of­fi­cial doc­u­ment there have been no col­lat­er­al breach­es not­ed.

The first cred­it fa­cil­i­ty Cor­ner­stone has with First Cit­i­zens is val­ued at US$25 mil­lion and is a re­volv­ing line of cred­it with a ma­tu­ri­ty date of April 27, next year.

The sec­ond fa­cil­i­ty is al­so a re­volv­ing line of cred­it which is val­ued at US$20 mil­lion and has a ma­tu­ri­ty date of Feb­ru­ary 9, 2025.

While the third fa­cil­i­ty al­so a re­volv­ing line of cred­it is val­ued at US$15.1 mil­lion with a Ju­ly 6, 2024 ma­tu­ri­ty date.

"These fa­cil­i­ties are se­cured by a pledge over Cor­ner­stone Fi­nan­cial Hold­ings Ltd (CFHL) share in Bari­ta In­vest­ments Ltd (BIL)," the doc­u­ment stat­ed.

As at March 25, the to­tal num­ber of shares pledged to First Cit­i­zens Bank Ltd stood at 184,333,333 or­di­nary shares.

"The shares are val­ued at JMD $16,365,113,304.74 or US $ 106,748,799.47 based on a share price of JMD$88.78," it stat­ed.

"We note the shares in BIL are to pro­vide a min­i­mum fa­cil­i­ty cov­er­age of 1.5 times and at the cur­rent trad­ing price, the ex­ist­ing shares pro­vide cov­er­age of 1.78 time. To date, there have been no col­lat­er­al or covenant breach­es not­ed," the doc­u­ment stat­ed.

Bari­ta was found­ed by Ri­ta Humphries-Lewin in 1977 and is one of the old­est stock broking com­pa­nies in Ja­maica.

The over 40 year old com­pa­ny is li­censed by the Fi­nan­cial Ser­vices Com­mis­sion, is a mem­ber of the Ja­maica Stock Ex­change and a Pri­ma­ry Deal­er and Cam­bio Deal­er for the Bank of Ja­maica.

In Au­gust 2018, Cor­ner­stone In­vest­ment Hold­ings ac­quired ma­jor­i­ty shares in BIL.