Monday, November 18, 2013

Sagicor X Fund lists on the JSE

The Sagicor Real Estate X Fund began trading on the main market of the Jamaica Stock Exchange on Friday, November 15. 
Marlene Sreet-Forrest, General Manager of the Jamaica Stock Exchange said “Sagicor Real Estate X Fund is the second company to list its ordinary shares on the main market since the beginning of the year. Investors responded positively to the offer by Sagicor X Fund and beginning today through the listing of this company, the public can access these securities on the secondary market.”

Street-Forrest went on the state “These 1.49 billion units of ordinary shares at a price of $5 has a value of $7.5 billion which based on the JSE’s market capitalisation, places the company (when listed on November 15) among the top 15 companies listed on the market. The company will be traded under the symbol ‘X Fund’.”

Richard Byles, Sagicor Life Jamaica’s President & CEO and Chairman of Sagicor Real Estate X Fund Limited said “Sagicor has had a solid performance in the business of property management for over 40 years. The ‘X Fund’ brings to investors a talented and seasoned property management team. Sagicor is proud to have blue chip properties in blue chip locations with blue chip tenants.” 

Sagicor’s X Fund has a diverse real estate portfolio which is comprised primarily of commercial and hotel properties. Revenue from the three hotel properties is conservatively expected to grow by 5% per annum through to 2017.

Richard Byles (c), President and CEO of Sagicor Life Jamaica congratulates Rohan Miller (r), CEO of Sagicor Real Estate X Fund after the company listed on the main market of the Jamaica Stock Exchange on Friday, November 15. Looking on is Donovan Perkins, President and CEO of Sagicor Investments – lead broker of the oversubscribed initial public offer (IPO) of the ‘X Fund’. ‘X Fund’ will pay dividend to its shareholders based on its net income derived from its investment in the Sigma Real Estate portfolio.

Rohan Miller, and CEO of Sagicor Real Estate X Fund Limited believes the X Fund will take advantage of prime local industries through real estate. “The list of properties available to investors is ideally suited to take advantage of the growth in the tourism sector and also the rebound in the commercial real estate market.”
Sagicor Life Jamaica Limited is the leading life insurance provider in Jamaica. 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 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.

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