The Boards of Directors of Sagicor Life Jamaica Limited (SLJ) and its subsidiaries Sagicor Investments Jamaica Limited (SIJL) and Sagicor Bank Jamaica Limited (SBJ) have agreed to undertake a reorganization of the Sagicor Jamaica Group of companies under Court approved Schemes of Arrangement to be approved by the members of the respective companies.
Richard Byles, President & CEO of Sagicor Life Jamaica Limited in a statement today said that the proposed reorganization will align the group’s organizational structure with the requirements of new omnibus legislation for deposit taking institutions which is soon to be passed by Parliament.”
The reorganization will involve the establishment of a new holding company for which a listing on the main market of the Jamaica Stock Exchange will be sought and which will become the direct holding company of Sagicor Life Jamaica Limited, (the Group’s insurance division), Sagicor Investments Jamaica Limited, (the Group’s investment banking division) and Sagicor Bank Jamaica Limited, (the Group’s commercial banking division).
All current shareholders of SLJ will exchange shares in SLJ for shares of equal value in the new Holding Company. That means the value of the new shares to be issued in the holding company will be identical in value to the shares previously held in SLJ. Minority shareholders in Sagicor Life Jamaica Limited and Sagicor Investments Jamaica Limited will be fully protected and will receive timely communication as the transactions evolve.
The day-to-day operations of Sagicor Life Jamaica Limited, Sagicor Investments Jamaica Limited and Sagicor Bank Jamaica Limited will not be affected by the reorganization.
The reorganization is subject to approval by the Financial Services Commission and the Bank of Jamaica.
Sagicor Life Jamaica is the leading life insurance group in the country. The company commenced operations in 1970 as Life of Jamaica Limited, the first locally owned life insurance company and the first life insurance company to be listed on the Jamaica Stock Exchange (JSE). Since its inception, Sagicor Life has gained a solid reputation as an innovator and leader in the Caribbean life insurance industry. The company continues to be the market leader among local life insurance companies.