Sagicor Life Jamaica Limited (SLJ) was replaced on the Jamaica Stock Exchange’s (JSE) main market by Sagicor Group Jamaica Limited (SGJL) today, during a listing ceremony at the JSE. All existing shareholders of Sagicor Life Jamaica Limited will hold the same number of shares in Sagicor Group Jamaica Limited and at the same value with the stock now trading as ‘SJ’.
Sagicor Group Jamaica Limited was recently formed as an up-stream holding company of SLJ and its operating subsidiaries to enable improved capital management and to align the Group’s organisational structure with the requirements of the new omnibus legislation for deposit taking institutions which is expected to come into effect in March 2014.
All issued shares of SLJ were cancelled; SLJ turned in issues and allotted new shares in the name of its parent, SGJL. At the same time, new SGJL shares were issued and allotted to the current shareholders of SLJ. SLJ was delisted from the JSE and SGJL took its place.
The share exchange from SLJ to SGJL was facilitated through a court approved Scheme of Arrangement and the action of 170 stockholders of SLJ who voted unanimously in favour of the Scheme of Arrangement at an Extraordinary General Meeting held in September.
On Wednesday, December 18, when Sagicor Life’s trading halted to facilitate the reorganisation, SLJ’s shares were traded at $8.05 on the main market of the JSE.
The day-to-day operations of Sagicor Life Jamaica Limited and all of its subsidiaries, including Sagicor Investments Jamaica Limited and Sagicor Bank Jamaica Limited were not affected by the change.
The Sagicor Group Jamaica is a financial services conglomerate offering products and services in the areas of Banking, Insurance, Investments, Real Estate and Retirement Planning. 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. Sagicor Investments Jamaica Limited is a subsidiary of Sagicor Life Jamaica and has been a member of the JSE main market for three decades. Sagicor Investments Jamaica Limited owns Sagicor Bank Jamaica Limited.