JMMB acquires minority stake in Sagicor
JMMB Group Limited (JMMB Group) now holds a 22.5 percent stake in Sagicor Financial Company Ltd (Sagicor).
This, as JMMB Group acquired 33,213,764 common shares from Sagicor on December 5, for the equivalent of US$250,000,000.
The announcement was made by way of a press release following the finalisation of the acquisition.
The acquisition of a minority stake in Sagicor is a major investment for JMMB Group, and will give JMMB Group a unique opportunity to participate in the future growth of a market leader in the Caribbean insurance and asset management sectors.
Additionally, Sagicor will become an associated company of JMMB Group and, as part of the agreement; JMMB will have the right to nominate two eligible and qualified directors to serve on the board of directors of Sagicor. Those nominees are Keith Duncan, the CEO of JMMB Group, and Archibald Campbell, the chairman of the board of directors of JMMB Group.
Duncan hailed the news of the share acquisition as a milestone.
“My team and I are very happy about this milestone, as it marks a new phase in our journey as an organisation, having acquired a stake in Sagicor for investment purposes.”
“In our ongoing thrust to identify opportunities that build on our solid performance and taking us to higher levels, all in the best interest of our clients, team members and shareholders; we remain confident that, having such a stake in a regional market leader, will auger well for the future growth and financial performance of the JMMB Group. I wish to take this opportunity to express my heartfelt thanks to our team who worked tirelessly towards this successful outcome,” he said.
Sagicor Financial Company Ltd. and Sagicor Jamaica are separate entities, however; Sagicor Financial Company Ltd. controls Sagicor Jamaica and owns 49 percent of its ordinary shareholdings.